United States

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE FISCAL YEAR ENDED October 31, 2024

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE TRANSITION PERIOD OF _________ TO _________.

 Commission File Number: 001-33125

 (Exact name of registrant as specified in its charter)

 Nevada
 91-1766677

 State or other jurisdiction of incorporation or organization
 (I.R.S. Employer Identification No.)

 777 Dunsmuir Street, Suite 1605

 Vancouver, B.C. V7Y 1K4

 (Address of principal executive offices, including
zip code)

 Registrant's telephone number, including area
code: (604) 687-5800

 Securities registered pursuant to Section 12(b)
of the Act: None

 Securities registered pursuant to Section 12(g)
of the Act: Common Stock, $0.01 Par Value

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act

 Yes
 No

 Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

 Yes
 No

 Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.

 Yes
 No

 Indicate by check mark whether the registrant has
submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 Yes
 No

 Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and
"emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has
filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes
 No

 As of January 28, 2025, there were 47,365,652 shares outstanding of the registrant's $0.01 par value common stock, the registrant's only outstanding class of voting securities. As of April 30, 2024, the aggregate market value of the registrant's voting common stock held by non-affiliates of the registrant was approximately $ 5.1 million based upon the closing sale price of the common stock as reported by the OTCQB. For the purpose of this calculation, the registrant has assumed that its affiliates as of April 30, 2024 included all directors and officers.

 DOCUMENTS INCORPORATED BY REFERENCE

 Portions of the registrant's definitive proxy
statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the 2025 annual meeting
of shareholders are incorporated by reference in Part III of this Annual Report on Form 10-K.

 ANNUAL REPORT ON FORM 10-K

 Page

 Item 1 and 2.

 BUSINESS AND PROPERTIES

 Item 1A.

 RISK FACTORS

 Item 1B.

 UNRESOLVED STAFF COMMENTS

 Item 1C.

 CYBERSECURITY

 Item 3.

 LEGAL PROCEEDINGS

 Item 4.

 MINE SAFETY DISCLOSURES

 Item 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
 AND ISSUER PURCHASES OF EQUITY SECURITIES

 Item 6.

 [RESERVED]

 Item 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Item 7A.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Item 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Item 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 Item 9A.

 CONTROLS AND PROCEDURES

 Item 9B.

 OTHER INFORMATION

 Item 9C.

 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Item 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Item 11.

 EXECUTIVE COMPENSATION

 Item 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 Item 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Item 14.

 PRINCIPAL ACCOUNTING FEES AND SERVICES

 Item 15.

 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 Item 16.

 FORM 10-K SUMMARY

 SIGNATURES

 The terms "Silver Bull," and
the "Company," are used to refer to Silver Bull Resources, Inc. and its subsidiaries, unless the context otherwise requires.
Technical terms have been included that are important to an understanding of the business under "Glossary of Common Terms"
at the end of this section. Throughout this document statements are made that are classified as "forward-looking." Please
refer to the "Cautionary Statement Regarding Forward-Looking Statements" section of this document for an explanation of these
types of assertions.

 Cautionary Statement Regarding Forward-Looking
Statements

 This Annual Report on Form 10-K includes
certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and the United States Private Securities Litigation Reform Act of 1995, and "forward-looking information" within
the meaning of applicable Canadian securities legislation. Words used such as "anticipate," "continue," "likely,"
"estimate," "expect," "may," "will," "projection," "should," "believe,"
"potential," "could," or similar words suggesting future outcomes (including negative and grammatical variations)
to identify forward-looking statements. These statements include statements regarding the following, among other things:

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

 The prospects of the claim process, or award, under the North American Free Trade Agreement
("NAFTA");

 The Funding Agreement (as defined in the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" section), and continued payment of legal, tribunal and external expert costs,
and reimbursement of corporate operating expenses, under its terms;

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

 The planned activities at the Sierra Mojada Project in 2025 and beyond;

 Whether any part of the Sierra Mojada Project will ever be confirmed or converted into SEC
S-K 1300-compliant mineral reserves;

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

 The ability to obtain and hold additional concessions in the Sierra Mojada Project area;

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

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

 The potential acquisition of additional mineral properties or property concessions;

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

 The impact of recent accounting pronouncements on the Company's financial position,
results of operations or cash flows and disclosures;

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

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

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

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

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

 The impact of changing economic conditions on interest rates;

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

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

 These statements are based on certain assumptions
and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments
and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and
uncertainties and actual results could differ from those expressed or implied in these forward-looking statements as a result of the factors
described under "Risk Factors" in this Annual Report on Form 10-K, including:

 The ability of the Company to obtain additional financial resources on acceptable terms
to (i) maintain its property concessions in Mexico and (ii) maintain general and administrative expenditures at acceptable levels;

 The Company's ability to acquire additional mineral properties or property concessions;

 The ability of the Company to maintain its assets in Mexico given the performance of the
Mexican government at various levels;

 Worldwide economic and political events affecting (i) the market prices for silver, zinc,
lead, copper and other minerals that may be found on the Company's exploration properties (ii) interest rates and (iii) foreign
currency exchange rates;

 The amount and nature of future capital and exploration expenditures;

 Volatility in the Company's stock price;

 The Company's inability to obtain required permits;

 Competitive factors, including exploration-related competition;

 Timing of receipt and maintenance of government approvals;

 Unanticipated title issues;

 Changes in tax laws;

 Changes in regulatory frameworks or regulations affecting the Company's activities;

 The ability to obtain additional financial resources on acceptable terms to (i) maintain
its property concessions in Mexico and (ii) maintain general and administrative expenditures at acceptable levels;

 The Company's ability to retain key management, consultants and experts necessary
to successfully operate and grow its business; and

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

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

 All forward-looking statements speak only
as of the date made. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its
behalf, are expressly qualified in their entirety by the cautionary statements. Except as required by law, the Company undertakes no obligation
to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence
of anticipated or unanticipated events or circumstances. Undue reliance should not be placed on these forward-looking statements.

 Cautionary Note Regarding Exploration
Stage Companies

 Silver Bull is an exploration stage company
and does not currently have any known mineral reserves and cannot be expected to have known mineral reserves unless and until a feasibility
study is completed for the Sierra Mojada concessions that shows proven and probable mineral reserves. There can be no assurance that the
Company's concessions contain proven and probable mineral reserves and investors may lose their entire investment. See the "Risk
Factors" section below.

 Cautionary Note to U.S. Residents Concerning
Disclosure of Mineral Resources

 Silver Bull is a U.S. domestic issuer for United
States Securities and Exchange Commission ("SEC") purposes, most of its shareholders are U.S. residents, it is required to
report its financial results under accounting principles generally accepted in the United States of America, and its shares of common
stock are listed on the Toronto Stock Exchange (the "TSX") and trade on the OTCQB marketplace. However, because Silver Bull
is a reporting issuer in Canada, certain prior regulatory filings required in Canada contain or incorporate by reference therein certain
disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States'
securities laws. Unless otherwise indicated, all resource estimates included in those Canadian filings, and in the documents incorporated
by reference therein, had been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification system. NI
43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes
of scientific and technical information concerning mineral projects.

 Canadian standards, including NI 43-101, may
differ from the requirements of subpart 1300 of Regulation S-K, as defined in the Glossary of Technical Terms ("S-K 1300").
Thus, resource information contained, or incorporated by reference, in the Company's Canadian filings, and in the documents incorporated
by reference therein, may not be comparable to similar information disclosed by companies reporting mineral reserve and mineral resource
information under S-K 1300.

 The terms "mineral reserve", "proven
mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and
CIM standards. Pursuant to S-K 1300, the SEC recognizes estimates of "measured mineral resources," "indicated mineral
resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral
reserves" and "probably mineral reserves" to be substantially similar to the corresponding standards of the CIM.

 Investors are cautioned that while terms are
substantially similar to CIM standards, there are differences in the definitions and standards under S-K 1300 and the CIM standards. Accordingly,
there is no assurance any mineral reserves or mineral resources that the Company may report as "proven reserves", "probable
reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources"
under NI 43-101 will be the same as the reserve or resource estimates prepared under the standards adopted under S-K 1300.

 Investors are also cautioned that while the
SEC now recognizes "measured mineral resources," "indicated mineral resources" and "inferred mineral resources",
investors should not assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Mineralization
described using these terms has a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an "measured mineral resource," "indicated mineral resource"
or "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume
that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization
that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

 Technical Report Summaries and Qualified
Persons

 The scientific and technical information concerning
the Company's mineral projects in this Annual Report on Form 10-K have been reviewed and approved by "qualified persons"
under S-K 1300, including the Company's Chief Executive Officer and Director, Timothy Barry and the Company's Director, David
Underwood. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included
in this Annual Report on Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates
may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please
review the Technical Report Summaries for each of the Company's material properties which are included as exhibits to, and incorporated
by reference into, this Annual Report on Form 10-K.

 Glossary of Common Terms

 The following terms are used throughout this
Annual Report on Form 10-K.

 Concession

 A grant of a tract of land made by a government or other controlling authority in return for stipulated services or a promise that the land will be used for a specific purpose.

 Exploration Stage

 A prospect that is not yet in either the development
 or production stage.

 Feasibility Study

 An engineering study designed to define the technical, economic, and legal viability of a mining project with a high degree of reliability.

 Formation

 A distinct layer of sedimentary rock of similar composition.

 Mining

 The process of extraction and beneficiation of mineral reserves to produce a marketable metal or mineral product. Exploration continues during the mining process and, in many cases, mineral reserves are expanded during the life of the mine operations as the exploration potential of the deposit is realized.

 Ore, Ore Reserve, or Mineable Ore Body

 The part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.

 Mineral Reserves

 An estimate of tonnage and grade or quality of indicated
 and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More
 specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and
 allowances for losses that may occur when the material is mined or extracted.

 Mineral Resource

 A concentration or occurrence of material of economic
 interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic
 extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade,
 likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely
 to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

 Tonne

 A metric ton which is equivalent to 2,204.6 pounds.

 Items 1
and 2. BUSINESS AND PROPERTIES

 Overview
and Corporate Structure

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

 The Company has been engaged in the business
of mineral exploration. It owns a number of property concessions in Mexico within a mining district known as the Sierra Mojada District,
located in the west–central part of the state of Coahuila, Mexico. Operations are conducted in Mexico through the Company's
wholly owned subsidiary corporations, Minera Metalin S.A. de C.V. ("Minera Metalin"), and Minas de Coahuila SBR S.A. de C.V
("Minas").

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

 On June 5, 2015, the Company announced
its decision to voluntarily delist its shares of common stock from the NYSE MKT due to costs associated with the continued listing and
NYSE MKT exchange rules regarding maintenance of a minimum share price. On June 29, 2015, the Company's shares began trading
on the OTCQB marketplace operated by OTC Markets Group. The Company's shares of common stock continue to trade on the TSX.

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

 On February 5, 2021, Arras Minerals Corp. ("Arras")
was incorporated in British Columbia, Canada, as a wholly owned subsidiary of Silver Bull. On March 19, 2021, pursuant to an asset purchase
agreement with Arras, Silver Bull transferred its right, title and interest in and to the Beskauga Option Agreement, among other things,
to Arras. On September 24, 2021, Silver Bull distributed to its shareholders one Arras common share
for each Silver Bull share held by such shareholders, or 34,547,838 Arras common shares in
total (the "Distribution"). Upon completion of the Distribution, the Company retained 1,452,162 Arras common shares, or approximately
4% of the outstanding Arras common shares, as a strategic investment, and Arras became a stand-alone company.

 In December 2021 and June 2022, the Company
sold 600,000 and 852,262 common shares of Arras at a price of $CDN 1.00 and $CDN 1.50 per share, respectively. Since then, the Company
has not held any interest in Arras.

 On April 23, 2023, Nomad Minerals Ltd. ("Nomad
Minerals"), a wholly owned subsidiary of the Company, was incorporated in British Columbia, Canada. On April 28, 2023, Nomad Metals
Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly owned subsidiary of Nomad
Minerals.

 On June 28, 2023, the Company filed a request
for arbitration (the "Arbitration") before the World Bank's International Centre for Settlement of Investment Disputes
("ICSID") against the United Mexican States ("Mexico") under the United States-Mexico-Canada Agreement (the "USMCA")
and NAFTA, (together with the USMCA, the "Treaties"). Since the arbitration request, the ICSID arbitration has become the
Company's core focus. The ICSID arbitration seeks compensation for the losses resulting from the Mexican State's wrongful
conduct and its breaches of the Treaties' protections, including expropriation, breach of the fair and equitable treatment standard,
discrimination, and other unlawful treatment in respect of the Sierra Mojada Property. If successful in the ICSID arbitration, the Company
will take appropriate steps to enforce and recover such an arbitral award ("Award"). The execution and enforcement of an Award
may present material challenges and take a number of years.

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

 Illegal
Blockade of Sierra Mojada Property

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

 On October 11, 2019, the Company and subsidiary
Minera Metalin issued a notice of force majeure to South32 pursuant to the South32 Option Agreement. Due to a blockade by Sociedad Cooperativa
de Exploraci n Minera Mineros Norte os, S.C.L. ("Mineros Norte os"), all work was halted on the Sierra
Mojada Property. The notice of force majeure was issued because of the blockade's impact the Company and subsidiary Minera Metalin's
ability to perform their obligations under the South32 Option Agreement. Pursuant to the South32 Option Agreement, any time period provided
for in the South32 Option Agreement was to be generally extended by a period equal to the period of delay caused by the event of force
majeure.

 On August 31, 2022, the South32 Option Agreement
was mutually terminated by South32 and the Company. South32 paid $518,000 to the Company as a final payment for the exploration costs
incurred by the Company during the blockade and released South32 from all claims as the date of termination.

 As of January 28, 2025, the blockade
 by Mineros Norte os at, on and around the Sierra Mojada Property is ongoing.

 ICSID
Arbitration

 On March 2, 2023, the Company filed the NAFTA
Notice of Intent. The Company has been unable to access the project since the illegal blockade commenced in September 2019. Despite numerous
demands and requests for action by the Company, Mexican governmental agencies have allowed this unlawful conduct to continue and, as such,
failed to protect the Company's investment.

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

 On June 28, 2023, the Company commenced international
arbitration proceedings against Mexico under the United States-Mexico-Canada Agreement ("USMCA") and NAFTA (the "Arbitration").
The Arbitration was 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.

 On June 17, 2024, the Company filed its Memorial
submission with ICSID detailing the claim against Mexico as well as damages for the sum of $408 million. The Arbitration hearing is set
to commence in October 2025.

 The Company has engaged Boies Schiller Flexner
(UK) LLP as its legal adviser on the legacy NAFTA claim.

 2025
Outlook

 The focus of the Company for the 2025 calendar
year will be to continue with the Arbitration process. If the blockade and the Arbitration proceedings are resolved, any continued exploration
of the Sierra Mojada Property ultimately may require the Company to raise additional capital, identify other sources of funding or identify
a strategic partner, or other strategic alternatives. The Company is also continuing to seek out other exploration projects for potential
development and investment.

 Sierra Mojada Project

 Location, Access and Infrastructure

 The Sierra Mojada Project is located within
a mining district known as the Sierra Mojada District. The Sierra Mojada District is located in the west–central part of the state
of Coahuila, Mexico, near the Coahuila-Chihuahua state border approximately 200 kilometers south of the Big Bend of the Rio Grande River.
The principal mining area extends for approximately five kilometers in an east-west direction along the base of the precipitous, 1,000-meter-high
Sierra Mojada Range.

 The Sierra Mojada Project site is situated
to the south of the village of Esmeralda, on the northern side of a major escarpment that forms the northern margin of the Sierra Mojada
range. In general, the site is approximately 1,500 meters above sea level. The project is accessible by paved road from the city of Torreon,
Coahuila, which lies approximately 250 kilometers to the south. Esmerelda is served by a rail spur of the Coahuila Durango railroad. There
is an airstrip east of Esmeralda, although its availability is limited, and another airstrip at the nearby Pe oles plant, which
the Company can use occasionally. The Sierra Mojada District has high voltage electric power supplied by the national power company, Comisi n
Federal de Electricidad, C.F.E., and is supplied water by the municipality of Sierra Mojada. Although power levels are sufficient for
current operations and exploration, future development of the project, if any, may require additional power supplies to be sourced.

 Sierra Mojada Project facilities in Mexico include
offices, accommodation for employees, workshops, warehouse buildings and exploration equipment located at Calle Mina #1, La Esmeralda,
Coahuila, Mexico.

 The map below shows the
location of the Sierra Mojada Project:

 The map below shows the
concessions of the Sierra Mojada Project:

 Property History

 Silver and lead were first discovered by a
foraging party in 1879, and mining through 1886 consisted of native silver, silver chloride, and lead carbonate ores. After 1886, silver-lead-zinc-copper
sulphide ores within limestone and sandstone units were produced. No accurate production history has been found for historical mining
during this period.

 Approximately 100 years ago, zinc silicate
and zinc carbonate minerals ("Zinc Manto Zone") were discovered underlying the silver-lead mineralized horizon. The Zinc Manto
Zone is predominantly zinc dominated, but with subordinate lead-rich manto and is principally situated in the footwall rocks of the Sierra
Mojada Fault System. Since discovery and until 1990, zinc, silver, and lead ores were mined from various mines along the strike of the
deposit, including from the Sierra Mojada Property. Ores mined from within these areas were hand-sorted, and the concentrate shipped mostly
to smelters in the United States.

 Activity during the period of 1956 to 1990
consisted of operations by the Mineros Norte os and operations by individual owners and operators of pre-existing mines. The Mineros
Norte os operated the San Salvador, Encantada, Fronteriza, Esmeralda, and Parrena mines, and shipped oxide zinc ore to Zinc National's
smelter in Monterrey, while copper and silver ore were shipped to smelters in Mexico and the United States.

 It is estimated that over 45 mines have produced
ore from underground workings throughout the approximately five kilometers by two-kilometer area that comprises the Sierra Mojada District.
It is estimated that since its discovery in 1879, the Sierra Mojada District has produced approximately 10 million tons of silver, zinc,
lead and copper ore. The Sierra Mojada District does not have a mill to concentrate ore, and all mining conducted thus far has been limited
to selectively mined ore of sufficient grade to direct ship to smelters. The Company believes that mill-grade mineralization that was
not mined remains available for extraction. No mining operations are currently active within the area of the Sierra Mojada District, except
for a dolomite quarry by Pe oles near Esmeralda.

 In the 1990s, Kennecott Copper Corporation
("Kennecott") had a joint venture agreement with USMX, Inc. ("USMX") involving its Sierra Mojada concessions.
Kennecott terminated the joint venture in approximately 1995. Metalline entered into a Joint Exploration and Development Agreement with
USMX in July 1996 involving USMX's Sierra Mojada concessions. In 1998, Metalline purchased the Sierra Mojada and the USMX concessions,
and the joint exploration and development agreement was terminated. Metalline also purchased certain other concessions during this time
and conducted exploration for copper and silver mineralization from 1997 through 1999.

 Title and Ownership Rights

 The Sierra Mojada Project is comprised of 20
concessions consisting of 6,496 hectares (about 16,052 acres). The Company periodically obtains additional concessions in the Sierra Mojada
Project area, and whether it will continue to hold these additional concessions will depend on future exploration work and exploration
results and its ability to obtain financing. As in prior years, the Company continually assesses its concession ownership, and may terminate
its rights to certain concessions holdings.

 Each mining concession enables Silver Bull
to explore the underlying concession in consideration for the payment of a semi-annual fee to the Mexican government and completion of
certain annual assessment work. Annual assessment work in excess of statutory annual requirements can be carried forward and applied to
future periods.

 Ownership of a concession provides the owner
with exclusive exploration and exploitation rights to all minerals located on the concessions, but does not include the surface rights
to the real property. Therefore, the Company will need to negotiate any necessary agreements with the appropriate surface landowners if
it is determined that a mining operation is feasible for the concessions. The Company owns surface rights to five lots in the Sierra Mojada
Property (Sierra Mojada lot #1, #3, #4, #6 and #7) but anticipates that it will be required to obtain additional surface rights if it
is determined that a mining operation is feasible.

 Geology and Mineralization

 The Sierra Mojada concessions contain a mineral
system which can be separated into two distinct zones: a silver-rich zone (the "Silver Zone") and a zinc-rich zone (the "Zinc
Zone"). These two zones lie along the Sierra Mojada Fault which trends east–west along the base of the Sierra Mojada range.
The majority of the mineralization identified to date is seen as oxide, which has been derived from primary "sulphide" bodies
that have been oxidized and remained in situ or remobilized into porous and fractured rock along the Sierra Mojada Fault. The formation
of the Silver Zone and the Zinc Zone is a reflection of the mobility of the metals in the ground water conditions at Sierra Mojada.

 The geology of the Sierra Mojada District is
composed of a Cretaceous limestone and dolomite sequence sitting on top of the Jurassic "San Marcos" red sediments. This sedimentary
sequence was subsequently intruded by Tertiary volcanics, which are considered to be responsible for the mineralization seen at Sierra
Mojada. Historical mines are dry, and the rocks are competent for the most part. The Company believes that the thickness and attitude
of the mineral resources could potentially be amenable to high volume mechanized mining methods and low-cost production.

 Sierra Mojada Technical Report Summary
(2023)

 On January
24, 2023, Archer, Cathro & Associates (1981) Limited and Timothy Barry delivered a technical report summary (the "Sierra Mojada
2023 TRS") on the silver and zinc mineralization at the Sierra Mojada Project in accordance with subpart 1300 of Regulation S-K.
The Sierra Mojada 2023 TRS supersedes the prior mineral resources estimate released by the Company on October 30, 2018. The Sierra Mojada
2023 TRS includes an update on the silver and zinc mineralization, which was estimated from 1,336 diamond
drill holes, 24 reverse circulation drill holes, 9,027 channel samples and 2,346 underground long holes. Using a net smelter return ("NSR")
economic cut-off, the Sierra Mojada 2023 TRS indicates mineral resources in the optimized pit of 70.4 million tonnes at an average silver
grade of 38.6 grams/tonne silver, an average zinc percentage of 3.4%, an average copper percentage of 0.04% and an average lead percentage
of 0.3%. The Sierra Mojada Report used a $13.50/tonne NSR cut-off grade and assumed a silver price of $18.00/ounce and a zinc price of
$1.20/pound based on a five-year average.

 Sampling, Analysis, Quality Control and
Security

 The Company's activities conform to mining
industry standard practices and follow the Best Practices Guidelines of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM).
Sampling is directed and supervised by trained and experienced geologists. Drill core and other samples are processed and logged using
industry standard methods. Standard samples, duplicates and blanks are periodically entered into the stream of samples submitted for assays,
and campaigns of re-sampling and duplicate analyses and round-robin inter-laboratory validations are conducted periodically. ALS Chemex
– Vancouver ("ALS Chemex") laboratory is the Company's independent primary laboratory. ALS Chemex is ISO 9001:2000
certified. All analytical results that are used in resource models are exclusively from the independent primary laboratory.

 Silver Bull's consultants perform technical
audits of its operations, including a formal quality assurance/quality control ("QA/QC") program, and recommend improvements
as needed. A systematic program of duplicate sampling and assaying of representative samples from previous exploration activities was
completed in 2010 under the direction and control of the Company's consultants. Results of this study acceptably confirm the values
in the project database used for resource modeling.

 The Company formerly operated a sample preparation
and an analytical laboratory at the project that prepared samples for shipment, performed QA/QC analyses to ensure against cross-contamination
of samples during preparation and removed most low-value samples from the flow to the primary laboratory. For cost and other reasons,
the internal laboratory has been shut down.

 Prior Exploration Activities

 Exploration efforts have been focused on two
primary locations: the Silver Zone and the Zinc Zone. As further described below, various exploration activities have been conducted at
the Sierra Mojada Project; however, to date, the Company has not established any reserves, and the project remains in the exploration
stage and may never enter the development stage.

 Prior to 2008, exploration efforts largely
focused on the Zinc Zone with surface and underground drilling. In fiscal year 2009, exploration activities were scaled back and administrative
costs were reduced to conserve capital while the Company tried to secure additional sources of capital resources.

 After closing the transaction with Dome in
April 2010, exploration activities at Sierra Mojada primarily focused on the Silver Zone, which lies largely at surface. By the end of
calendar 2018, approximately 101,000 meters of diamond drilling from surface and 10,000 meters of underground drilling had been completed.

 The silver contained within the Silver Zone
is seen primarily as silver halide minerals. The zinc contained within the Zinc Zone is contained mostly in the mineral hemimorphite and,
to a lesser amount, in the mineral smithsonite.

 2024 Exploration Activities

 Due to the continuing blockade by Mineros Norte os
previously mentioned under the "Illegal Blockade of Sierra Mojada Property" and the "ICSID Arbitration" sections
of this Annual Report on Form 10-K, during the year ended October 31, 2024, no drilling was conducted as the program remained halted.

 Airborne
Geophysics

 Between September 2018 and November 2018, a
5,297-line kilometer helicopter-borne Versatile Time Domain Electro Magnetic (VTEM) and Magnetic Geophysical Survey was completed over
the Sierra Mojada Property. The results of this survey aided in refining the design of the drilling program.

 Metallurgical Studies

 In May 2015, a selection of high-grade zinc
material samples was shipped to a lab in Denver, Colorado for "fine bubble" flotation test work and to a group in Australia
to assess their proprietary hydrometallurgy process. Previous test work completed by Silver Bull using mechanical flotation has shown
an 87% recovery of zinc from the white zinc zone to produce a rough concentrate of 43% zinc, and a 72.5% recovery of zinc from the red
zinc zone to produce a rough concentrate of 30% zinc. The "fine bubble" flotation test work that was performed did not improve
recovery, but based on analysis of the results, it was determined that the "fine bubble" flotation test process may be able
to be adjusted to improve recovery. Further testing is not planned at this time.

 In addition, a metallurgical program was previously
conducted to test the recovery of (i) the silver mineralization using the agitation cyanide leach method and (ii) the zinc mineralization
using the SART process (sulfidization, acidification, recycling, and thickening). The test work on the Silver Zone focused on cyanide
leach recovery of the silver using "Bottle Roll" tests to simulate an agitation leach system and to determine the recovery
of (A) low-grade zinc that occurs in the Silver Zone and (B) high-grade zinc from the Zinc Zone that had been blended with mineralization
from the Silver-rich Zone to the leach solution. The silver was recovered from the cyanide leach solution using the Merrill Crowe technique,
and the zinc was recovered from the leach solution using the SART process. The SART process is a metallurgical process that regenerates
and recycles the cyanide used in the leaching process of the silver and zinc and allows for the recovery of zinc that has been leached
by the cyanide solution. The results showed an overall average silver recovery of 73.2%, with peak values of 89.0% and an overall average
zinc recovery of 44% in the Silver Zone.

 Mineral Resources

 Under S-K 1300, a mineral resource is defined
as "a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality,
and quantity that there are reasonable prospects for economic extraction." A mineral resource is a "reasonable estimate of
mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with
the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It
is not merely an inventory of all mineralization drilled or sampled." More information supporting assumptions, methodologies, and
procedures can be found in the Technical Report Summary incorporated by reference in Exhibit 96.1 to this Annual Report on Form 10-K.

 Sierra Mojada - Summary of Silver and Zinc
Mineral Resources at October 31, 2023 Based on $18.00/oz Silver and $1.20/lb Zinc

 Grade

 Contained Metal

 Cut-off

 Metallurgical Recovery

 Tonnes (Mt)

 Ag (g/t)

 Zn (%)

 NSR (%/t)

 Ag (Moz)

 Zn (Mlbs)

 NSR ($/t)

 Ag

 Zn

 Measured Mineral Resources

 52.0

 39.2

 4.0%

 $44.3

 65.5

 4,589.3

 $13.50

 73.2%

 44%

 Indicated Mineral Resources

 18.4

 37.0

 1. 9%

 $27.3

 21.9

 764.6

 $13.50

 73.2%

 44%

 Measured + Indicated Mineral Resources

 70.4

 38.6

 3.4%

 $39.8

 87.4

 5,353.9

 $13.50

 73.2%

 44%

 Inferred Mineral Resources

 0.1

 8.8

 6.4%

 $52.3

 0.02

 10.7

 $13.50

 73.2%

 44%

 1)
 S-K 1300 definitions were followed for the Mineral Resource.

 2)
 The Mineral Resource is reported within a conceptual pit-shell using an
NSR cut-off value of US$13.50/tonne.

 3)
 Mineral Resources are not reserves and do not demonstrate economic viability.

 4)
 Tonnages are reported to the nearest 100,000 tonne. Grades are rounded to
the nearest decimal place.

 5)
 Rounding as required by reporting guidelines may result in apparent summation
differences between tonnes, grade, and contained metal.

 6)
 Tonnages and grades are as reported directly from block model; with mined
out areas removed.

 Competition and Mineral Prices

 Mineral Prices

 Silver and zinc are commodities, and
 their prices are volatile. From January 1, 2024 to December 31, 2024 the price of silver ranged from a low
 of $22.12 per troy ounce to a high of $34.85 per troy ounce, and from January 1, 2024 to December 31, 2024 the price of zinc
 ranged from a low of $2,360 per tonne to a high of $3,105 per tonne. Silver and zinc prices are affected by many factors beyond
 the Company's control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation,
 speculation, currency values, governmental decisions regarding the disposal of precious metals stockpiles, global and regional
 demand and production, political and economic conditions and other factors. The competitive nature of the business and the risks
 faced are discussed further in the "Risk Factors – Risks Related to the Company's Business" section
 below.

 The following tables set forth, for the periods
indicated, high and low silver and zinc prices on the London Metal Exchange in U.S. dollars per troy ounce and per tonne, respectively.
On October 31, 2024, the closing price of silver was $32.66 per troy ounce. On October 31, 2024, the closing price of zinc was
$3,105 per tonne.

 Calendar

 Silver

 (per troy ounce)

 Year

 High

 Low

 2017

 $18.56

 $15.22

 2018

 $17.52

 $13.97

 2019

 $19.31

 $14.38

 2020

 $28.89

 $12.00

 2021

 $29.58

 $21.52

 2022

 $26.17

 $17.77

 2023

 $26.03

 $20.09

 2024

 $34.85

 $22.12

 Calendar

 Zinc

 (per tonne)

 Year

 High

 Low

 2017

 $3,264

 $2,573

 2018

 $3,533

 $2,434

 2019

 $2,932

 $2,272

 2020

 $2,780

 $1,903

 2021

 $3,399

 $2,705

 2022

 $4,360

 $2,967

 2023

 $3,309

 $2,404

 2024

 $3,105

 $2,360

 Competition

 The mining industry is highly competitive.
Silver Bull competes with other mining and exploration companies in the acquisition and exploration of mineral properties. There is competition
for a limited number of mineral property acquisition opportunities, some of which is with other companies having substantially greater
financial resources, staff and facilities than the Company does. As a result, there may be difficulty acquiring attractive exploration
properties, staking claims related to the Company's properties and exploring properties. The Company's competitive position
depends upon its ability to successfully and economically acquire and explore new and existing mineral properties.

 Government Regulation

 Mineral exploration activities are subject
to various national, state/provincial, and local laws and regulations, which govern prospecting, development, mining, production, exports,
taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other
matters. Similarly, if any of the Company's properties are developed and/or mined, those activities are also subject to significant
governmental regulation and oversight. Silver Bull plans to obtain the licenses, permits and other authorizations currently required to
conduct its exploration programs. The Company believes that it is in compliance in all material respects with applicable mining, health,
safety and environmental statutes and the regulations applicable to the mineral interests held in Mexico.

 Environment Regulations

 The Company's activities are subject
to various national and local laws and regulations governing protection of the environment. These laws are continually changing and, in
general, are becoming more restrictive. Silver Bull intends to conduct business in a way that safeguards public health and the environment
and is in compliance with applicable laws and regulations.

 Changes to current state or federal laws and
regulations in Mexico could, in the future, require additional capital expenditures and increased operating and/or reclamation costs.
Although the Company is unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements
could impact the economics of its projects.

 During fiscal year 2024, Silver Bull had no
material environmental incidents or non-compliance with any applicable environmental regulations.

 Employees

 Silver Bull has two employees. Minera Metalin,
its wholly owned operating subsidiary in Mexico, currently has one full-time employee.

 Corporate Offices

 Silver Bull's corporate office is located
at 777 Dunsmuir Street, Suite 1605, Vancouver, British Columbia, Canada V7Y 1K4, telephone number is (604) 687-5800.

 Available Information

 The Company maintains a website at
The information on the website is not incorporated by reference in this Annual Report on Form 10-K. The Company makes available on
or through its website certain reports and amendments to those reports that are filed with or furnished to the SEC in accordance with
the Exchange Act. Readers may also obtain this information from the SEC's website,

 Item 1A.
 RISK FACTORS

 A purchase of the Company's securities
involves a high degree of risk. The Company's business or operating or financial condition could be harmed due to any of the following
risks. Accordingly, investors should carefully consider these risks in making a decision as to whether to purchase, sell or hold securities
of the Company. In addition, investors should note that the risks described below are not the only risks facing the Company. Additional
risks not presently known to the Company, or risks that do not seem significant today, may impair business operations in the future. Readers
should carefully consider the risks described below, as well as the other information contained in this Annual Report on Form 10-K
and the documents incorporated by reference herein, before making a decision to invest in securities of the Company.

 Risk factors are grouped into the following
categories:

 Risks Relating to the Company's Business;

 Risks Relating to the Mineral Exploration Industry; and

 Risks Relating to the Company's Common Stock;

 RISKS RELATING TO THE COMPANY'S BUSINESS:

 There is substantial doubt about whether
the Company can continue as a going concern.

 To date, the Company has earned no revenues
 and has incurred accumulated net losses of $138,814,000. In addition, the Company has limited financial resources. As of October 31,
 2024, the Company had cash and cash equivalents of $546,000 and working capital of $327,000. Continuation as a going concern is
 dependent upon the continued payment of Arbitration-related costs by Bench Walk 23P, L.P., a Delaware limited partnership ("Bench
 Walk"), under the Funding Agreement and achieving future financing or strategic transactions. However, there is no assurance
 that the Funding Agreement will not be terminated or that the Company will have the ability to be successful pursuing a financing
 or strategic transaction. Accordingly, there is substantial doubt as to whether existing cash resources and working capital are
 sufficient to enable the Company to continue its operations for the next 12 months as a going concern. Ultimately, in the event
 that the Funding Agreement is terminated, and the Company cannot obtain additional financial resources, or achieve profitable operations,
 it may have to liquidate its business interests and investors may lose their investment. The accompanying consolidated financial
 statements have been prepared assuming that the Company will continue as a going concern. The consolidated financial statements
 do not include any adjustments that may result from the outcome of this uncertainty. Such adjustments could be material.

 The Company may have difficulty meeting
its current and future capital requirements.

 The Company's management
and the board of directors monitor overall costs and expenses and, if necessary, adjust programs and planned expenditures in an attempt
to ensure that the Company has sufficient operating capital. The Company continues to evaluate its costs and planned expenditures for
its ongoing Arbitration and exploration efforts at the Sierra Mojada Project. Even with the Funding Agreement in place to cover the costs
of the Arbitration process, and additional financial resources from the recently closed private placement, the continued exploration and
possible development of the Sierra Mojada Project and the Arbitration claim may require significant amounts of additional capital. If
the Company is unable to fund future operations by way of financings, including public or private offerings of equity or debt securities,
it will need to reorganize or significantly reduce its operations, which may result in an adverse impact on the Company's business,
financial condition and exploration activities. The Company does not have a credit, off-take or other commercial financing arrangement
in place that would finance continued evaluation or development of the Sierra Mojada Project, and the Company believes that securing credit
for this project may be difficult. Moreover, equity financing may not be available on attractive terms and, if available, will likely
result in significant dilution to existing stockholders.

 The Company is a mineral exploration
stage company with no history of operations.

 While exploration efforts to date have demonstrated
positive results, the Company remains an exploration stage enterprise engaged in mineral exploration in Mexico. The Company has a very
limited operating history and is subject to all the risks inherent in a new business enterprise. To date, the Company has had no revenues
and has relied upon equity financing, South32 funding, Arbitration funding and sales of investments to fund its operations. The likelihood
of success must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection
with an exploration stage business, and the competitive and regulatory environment in which the Company operates and will operate, such
as under-capitalization, personnel limitations, and limited financing sources.

 Mineral resource estimates may not be
reliable.

 There are numerous uncertainties inherent in
estimating quantities of mineral resources such as silver, zinc, lead, and copper, including many factors beyond the Company's control,
and no absolute assurance can be given that the recovery of mineral resources will be realized as projected. In general, estimates of
mineral resources are based upon a number of factors and assumptions made as of the date on which the estimates were determined, including:

 geological and engineering estimates that have inherent uncertainties;

 the assumed effects of regulation by governmental agencies;

 the judgment of the engineers preparing the estimate;

 estimates of future metals prices and operating costs;

 the quality and quantity of available data;

 the interpretation of that data; and

 the accuracy of various mandated economic assumptions, all of which may vary considerably
from actual results.

 All estimates are, to some degree, uncertain.
For these reasons, estimates of the recoverable mineral resources prepared by different engineers or by the same engineers at different
times may vary. As such, there is uncertainty in any mineral resource estimate, and actual deposits encountered and the economic viability
of a deposit may differ from the Company's estimates.

 The Company's business plan is
highly speculative, and its success largely depends on the successful exploration of the Sierra Mojada concessions.

 The Company's business plan has been
focused on exploring the Sierra Mojada concessions to identify reserves and, if appropriate, to ultimately develop each property. Although
the Company has reported mineral resources on the Sierra Mojada Project, it has not established any reserves and remains in the exploration
stage. The Company may never enter the development or production stage. Exploration of mineralization and determination of whether the
mineralization might be extracted profitably is highly speculative, and it may take a number of years until production is possible, during
which time the economic viability of the project may change. Substantial expenditures are required to establish reserves, extract metals
from ore and construct mining and processing facilities.

 The Sierra Mojada Project is subject to all
of the risks inherent in mineral exploration and development. The economic feasibility of any mineral exploration and/or development project
is based upon, among other things, estimates of the size and grade of mineral reserves, proximity to infrastructures and other resources
(such as water and power), anticipated production rates, capital and operating costs, and metals prices. To advance from an exploration
project to a development project, the Company will need to overcome various hurdles, including completing favorable feasibility studies,
securing necessary permits, and raising significant additional capital to fund activities. There can be no assurance that the Company
will be successful in overcoming these hurdles. Because of the Company's focus on the Sierra Mojada Project and its proximity to
Torreon, Mexico, the success of its operations and profitability may be disproportionately exposed to the impact of adverse conditions
unique to the region.

 Due to the Company's history of
operating losses, it is uncertain that it will be able to maintain sufficient cash to accomplish its business objectives.

 During the fiscal years ended October 31,
 2024 and 2023, the Company incurred net losses of $169,000 and $1,251,000 respectively. At October 31, 2024, the Company had
 stockholders' equity of $5,543,000 and cash and cash equivalents of $546,000. If the blockade is resolved, significant amounts
 of capital would be required to continue to explore and potentially develop the Sierra Mojada concessions. The Company is not engaged
 in any revenue-producing activities and does not expect to be in the near future. Currently, potential sources of funding consist
 of the sale of additional equity securities, entering into joint venture agreements or selling a portion of the Company's
 interests in its assets. There is no assurance that any additional capital that the Company will require will be obtainable on
 terms acceptable to it, if at all. Failure to obtain such additional financing could result in delays or indefinite postponement
 of further exploration of the projects. Additional financing, if available, will likely result in substantial dilution to existing
 stockholders.

 Exploration activities require significant
amounts of capital that may not be recovered.

 Mineral exploration activities are subject
to many risks, including the risk that no commercially productive or extractable resources will be encountered. There can be no assurance
that the Company's activities will ultimately lead to an economically feasible project or that it will recover all or any portion
of its investment. Mineral exploration often involves unprofitable efforts, including drilling operations that ultimately do not further
exploration efforts. The cost of minerals exploration is often uncertain, and cost overruns are common. Drilling and exploration operations
may be curtailed, delayed or canceled as a result of numerous factors, many of which are beyond the Company's control, including
title problems, weather conditions, protests, compliance with governmental requirements, including permitting issues, and shortages or
delays in the delivery of equipment and services.

 The Company's financial condition
could be adversely affected by changes in currency exchange rates, especially between the U.S. dollar and each of the Mexican peso ("$MXN")
and the Canadian dollar ("$CDN") given its focus on the Sierra Mojada Project in Mexico and the corporate office in Vancouver,
Canada.

 The Company's financial condition is
affected in part by currency exchange rates, as portions of its exploration costs in Mexico and general and administration costs in Canada
are denominated in the local currency. A weakening U.S. dollar relative to the $MXN and $CDN will have the effect of increasing exploration
costs and general and administration costs while a strengthening U.S. dollar will have the effect of reducing exploration costs and general
and administration costs. The exchange rates between the $CDN and the U.S. dollar and between the $MXN and U.S. dollar have fluctuated
widely in response to international political conditions, general economic conditions and other factors beyond the Company's control.

 The Company shares certain key officers
and directors with Arras, which means that those officers do not devote their full time and attention to its affairs, and the overlap
may give rise to conflicts of interest.

 The Company's Chief Executive Officer
and President, Timothy Barry and Chief Financial Officer, Christopher Richards also serve as President and Chief Executive Officer, and
Chief Financial Officer of Arras, respectively. As a result, the Company's executive officers do not devote their full time and
attention to the Company's affairs. There may be circumstances in which the Company's executive officers are compelled to
spend a significant portion of their time and attention to Arras' affairs, which may mean that they are unable to devote sufficient
time to the Company's affairs. Furthermore, the Company's Chairman, Brian Edgar, also serves as Chairman of Arras, and Timothy
Barry is also a director of Arras. The overlapping officers and directors may have actual or apparent conflicts of interest with respect
to matters involving or affecting each company. For example, conflicts may arise if there are issues or disputes under commercial arrangements
that may exist between Arras and the Company. Any failure of the directors or officers of the Company to address these conflicts in an
appropriate manner or to allocate opportunities that they become aware of to the Company could have a material adverse effect on the Company's
business, financial condition, results of operations, cash flows or prospects.

 The Company needs and relies upon key
personnel.

 Presently, the Company employs a limited number
of full-time employees, utilizes outside consultants, and in large part relies on the efforts of its officers and directors. Success will
depend, in part, upon the ability to attract and retain qualified employees. In particular, the Company has only two executive officers:
Timothy Barry and Christopher Richards, and the loss of the services of either of these would adversely affect the Company's business.

 The Company is exposed to information
systems and cybersecurity risks.

 The Company's information systems (including
those of any of its counterparties) may be vulnerable to the increasing threat of continually evolving cybersecurity risks. Unauthorized
parties may attempt to gain access to these systems or information through fraud or other means of deception. The Company's operations
depend, in part, on how well it and its counterparties protect networks, equipment, information technology systems and software against
damage from threats. The failure of information systems or a component of information systems could, depending on the nature of any such
failure, adversely impact the Company's reputation and results of operations. There can be no assurance that the Company or its
counterparties will not incur such losses in the future. The Company's risk and exposure to these matters cannot be fully mitigated
because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement
of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized
access remain an area of attention.

 RISKS RELATING TO THE MINERAL EXPLORATION
INDUSTRY:

 There are inherent risks in the mineral
exploration industry.

 The Company is subject to all of the risks
inherent in the minerals exploration industry, including, without limitation, the following:

 competition from a large number of companies, most of which are significantly larger than
the Company, in the acquisition, exploration, and development of mining properties;

 the possible inability to raise enough money to pay the fees and taxes and perform the labor
necessary to maintain the Company's concessions in good status;

 exploration for minerals is highly speculative, involves substantial risks and is frequently
unproductive, even when conducted on properties known to contain significant quantities of mineralization, and the Company's exploration
projects may not result in the discovery of commercially mineable deposits of ore;

 the probability of an individual prospect ever having reserves that meet the requirements
for reporting under S-K 1300 is remote, and any funds spent on exploration may be lost;

 the Company's operations are subject to a variety of existing laws and regulations
relating to exploration and development, permitting procedures, safety precautions, property reclamation, employee health and safety,
air quality standards, pollution and other environmental protection controls, and it may not be able to comply with these regulations
and controls; and

 a large number of factors beyond the Company's control, including fluctuations in
metal prices, inflation, and other economic conditions, will affect the economic feasibility of mining.

 Metals prices are subject to extreme
fluctuation.

 The Company's activities are influenced
by the prices of commodities, including silver, zinc, lead, copper and other metals. These prices fluctuate widely and are affected by
numerous factors beyond the Company's control, including interest rates, expectations for inflation, speculation, currency values
(in particular, the strength of the U.S. dollar), global and regional demand, political and economic conditions and production costs in
major metal-producing regions of the world.

 The Company's ability to establish reserves
through its exploration activities, its future profitability and long-term viability depend, in large part, on the market prices of silver,
zinc, lead, copper and other metals. The market prices for these metals are volatile and are affected by numerous factors beyond the Company's
control, including:

 global or regional consumption patterns;

 supply of, and demand for, silver, zinc, lead, copper and other metals;

 speculative activities and producer hedging activities;

 expectations for inflation;

 political and economic conditions; and

 supply of, and demand for, consumables required for production.

 Future weakness in the global economy could
increase volatility in metals prices or depress metals prices, which could in turn reduce the value of the Company's properties,
make it more difficult to raise additional capital, and make it uneconomical for it to continue its exploration activities.

 There are inherent risks with foreign
operations.

 The Company's business activities are
primarily conducted in Mexico, and as such, its activities are exposed to various levels of foreign political, economic and other risks
and uncertainties. These risks and uncertainties include, but are not limited to, terrorism, hostage taking, military repression, extreme
fluctuations in currency exchange rates, high rates of inflation, labor unrest, war or civil unrest, expropriation and nationalization,
renegotiation or nullification of existing concessions, licenses, permits, approvals and contracts, illegal mining, changes in taxation
policies, restrictions on foreign exchange and repatriation, changing political conditions (including, potential instability if the United
States or Mexico withdraws from the United States-Mexico-Canada Agreement), currency controls and governmental regulations that favor
or require the rewarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies
from, a particular jurisdiction.

 Changes, if any, in mining or investment policies
or shifts in political attitude in Mexico may adversely affect the Company's exploration and possible future development activities.
The Company may also be affected to varying degrees by government regulations with respect to, but not limited to, foreign investment,
maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. Failure to comply
strictly with applicable laws, regulations and local practices relating to mineral right applications and tenure could result in loss,
reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried
or other interests.

 The occurrence of these various factors and
uncertainties cannot be accurately predicted and could have an adverse effect on the Company's operations. In addition, legislation
in the United States, Canada or Mexico regulating foreign trade, investment and taxation could have a material adverse effect on the Company's
financial condition.

 The Sierra Mojada Project is located
in Mexico and is subject to varying levels of political, economic, legal and other risks.

 The Sierra Mojada Project is in Mexico. Mexico
has been subject to political instability, changes and uncertainties that have resulted in changes to existing governmental regulations
affecting mineral exploration and mining activities. Mexico's status as a developing country may make it more difficult for the
Company to obtain any required financing for the Sierra Mojada Project or other projects in Mexico in the future. The Sierra Mojada Project
is also subject to a variety of governmental regulations governing health and worker safety, employment standards, waste disposal, protection
of historic and archaeological sites, mine development, protection of endangered and protected species and other matters. Mexican regulators
have broad authority to shut down and/or levy fines against facilities that do not comply with regulations or standards.

 The Company's exploration activities
in Mexico have been adversely affected by changing government regulations relating to the mining industry and shifts in political conditions
that have impacted the Company's ability to continue to advance the Sierra Mojada Project. Additional changes, if any, in mining
or investment policies or shifts in political attitude may adversely affect the Company's financial condition. Expansion of the
Company's activities will be subject to the need to obtain sufficient access to adequate supplies of water and assure the availability
of sufficient power and surface rights that could be affected by government policy and competing operations in the area.

 The Company also has litigation risk with respect
to its operations. See Part I, Item 3 – Legal Proceedings of this Annual Report on Form 10-K for an explanation of material
legal proceedings to which Silver Bull or its subsidiaries have been a party.

 The occurrence of these various factors and
uncertainties cannot be accurately predicted and could have an adverse effect on the Company's financial condition. Future changes
in applicable laws and regulations or changes in their enforcement or regulatory interpretation could negatively impact current or planned
exploration activities with the Sierra Mojada Project or in respect to any other projects in which the Company becomes involved in Mexico.
Any failure to comply with applicable laws and regulations, even if inadvertent, could result in the interruption of exploration operations
or material fines, penalties or other liabilities.

 Title to the Company's properties
may be challenged or defective.

 The Company's future operations, including
any activities at the Sierra Mojada Project and other exploration activities, will require additional permits from various governmental
authorities. The Company's operations are and will continue to be governed by laws and regulations governing prospecting, mineral
exploration, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection,
mine safety, mining royalties and other matters. There can be no assurance that the Company will be able to acquire all required licenses,
permits or property rights on reasonable terms or in a timely manner, or at all, that such terms will not be adversely changed, that required
extensions will be granted, or that the issuance of such licenses, permits or property rights will not be challenged by third parties.

 The Company attempts to confirm the validity
of its rights of title to, or contract rights with respect to, each mineral property in which it has a material interest. However, the
Company cannot guarantee that title to its properties will not be challenged. The Sierra Mojada Property may be subject to prior unregistered
agreements, interests or native land claims, and title may be affected by undetected defects. There may be valid challenges to the title
of any of the claims comprising the Sierra Mojada Property that, if successful, could impair possible development and/or operations with
respect to such properties in the future. Challenges to permits or property rights (whether successful or unsuccessful), changes to the
terms of permits or property rights, or a failure to comply with the terms of any permits or property rights that have been obtained could
have a material adverse effect on business by delaying or preventing or making continued operations economically unfeasible.

 A title defect could result in Silver Bull
losing all or a portion of its right, title, and interest to and in the properties to which the title defect relates. Title insurance
generally is not available, and the Company's ability to ensure that it has obtained secure title to individual mineral properties
or mining concessions may be severely constrained. In addition, the Company may be unable to operate its properties as permitted or to
enforce its rights with respect to its properties. The Company annually monitors the official mining records in Mexico City to determine
if there are annotations indicating the existence of a legal challenge against the validity of any of its concessions. As of January 2025,
and to the best of the Company's knowledge, there are no such annotations, nor is the Company aware of any challenges from the government
or from third parties, except for the matters described in Part I, Item 3 – Legal Proceedings.

 In addition, in connection with the purchase
of certain mining concessions, Silver Bull agreed to pay a net royalty interest on revenue from future mineral sales on certain concessions
at the Sierra Mojada Project, including concessions on which a significant portion of its mineral resources are located. The aggregate
amount payable under this royalty is capped at $6.875 million (the "Royalty"), an amount that will only be reached if there
is significant future production from the concessions. As noted in Part I, Item 3 (Legal Proceedings), this Royalty is currently the subject
of a dispute with a local cooperative. In addition, records from prior management indicate that additional royalty interests may have
been created, although the continued applicability and scope of these interests are uncertain. The existence of these royalty interests
may have a material effect on the economic feasibility of potential future development of the Sierra Mojada Project.

 The Company is subject to complex environmental
and other regulatory risks, which could expose it to significant liability and delay and potentially the suspension or termination of
exploration efforts.

 The Company's mineral exploration activities
are subject to federal, state and local environmental regulations in the jurisdictions where its mineral properties are located. These
regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth
limitations on the generation, transportation, storage and disposal of solid and hazardous waste. No assurance can be given that environmental
standards imposed by these governments will not be changed, thereby possibly materially adversely affecting the Company's proposed
activities. Compliance with these environmental requirements may also necessitate significant capital outlays or may materially affect
the Company's earning power.

 Environmental legislation is evolving in a
manner that will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental
assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors and employees.
As a result of recent changes in environmental laws in Mexico, for example, more legal actions supported or sponsored by non-governmental
groups interested in halting projects may be filed against companies operating in all industrial sectors, including the mining sector.
Mexican projects are also subject to the environmental agreements entered into by Mexico, the United States and Canada in connection with
the United States-Mexico-Canada Agreement.

 Future changes in environmental regulations
in the jurisdictions where the Company's projects are located may adversely affect its exploration activities, make them prohibitively
expensive, or prohibit them altogether. Environmental hazards may exist on the properties in which the Company currently holds interests,
such as the Sierra Mojada Project, or may hold interests in the future, that are unknown to it at present and that have been caused by
it or previous owners or operators, or that may have occurred naturally. The Company may be liable for remediating any damage that it
may have caused. The liability could include costs for removing or remediating the release and damage to natural resources, including
ground water, as well as the payment of fines and penalties.

 The Company's industry is highly
competitive, attractive mineral properties and property concessions are scarce, and it may not be able to obtain quality properties or
concessions.

 The Company competes with other mining and
exploration companies in the acquisition of mineral properties and property concessions. There is competition for a limited number of
attractive mineral property acquisition opportunities, some of which is with other companies having substantially greater financial resources,
staff and facilities than the Company. As a result, the Company may have difficulty acquiring quality mineral properties or property concessions.

 The Company may face a shortage of water.

 Water is essential in all phases of the exploration
and development of mineral properties. It is used in such processes as exploration, drilling, leaching, placer mining, dredging, testing,
and hydraulic mining. Both the lack of available water and the cost of acquisition may make an otherwise viable project economically impossible
to complete. In November 2013, Silver Bull was granted the right to exploit up to 3.5 million cubic meters of water per year from six
different well sites by the water regulatory body in Mexico, La Comisi n Nacional del Agua, but it has yet to be determined if
the six well sites can produce this much water over a sustained period of time.

 The Company's non-operating properties
are subject to various hazards.

 The Company is subject to risks and hazards,
including environmental hazards, possible encounters with unusual or unexpected geological formations, cave-ins, flooding and earthquakes,
and periodic interruptions due to inclement or hazardous weather conditions. These occurrences could result in damage to, or the destruction
of, mineral properties or future production facilities, personal injury or death, environmental damage, delays in exploration activities,
asset write-downs, monetary losses and possible legal liability. The Company may not be insured against all losses or liabilities, either
because such insurance is unavailable or because it has elected not to purchase such insurance due to high premium costs or other reasons.
Although the Company maintains insurance in an amount that it considers to be adequate, liabilities might exceed policy limits, in which
event the Company could incur significant costs that could adversely affect its activities. The realization of any significant liabilities
in connection with the Company's activities as described above could negatively affect its activities and the price of its common
stock.

 RISKS RELATING TO THE COMPANY'S COMMON
STOCK:

 Further equity financings may lead to
the dilution of the Company's common stock.

 In order to finance future operations, the
Company may raise funds through the issuance of common stock or the issuance of debt instruments or other securities convertible into
common stock. The Company cannot predict the size of future issuances of common stock or the size and terms of future issuances of debt
instruments or other securities convertible into common stock or the effect, if any, that future issuances and sales of the Company's
securities will have on the market price of its common stock. Any transaction involving the issuance of previously authorized but unissued
shares, or securities convertible into common stock, would result in dilution, possibly substantial, to present and prospective security
holders. Demand for equity securities in the mining industry has been weak; therefore, equity financing may not be available on attractive
terms and, if available, will likely result in significant dilution to existing shareholders.

 No dividends are anticipated.

 At the present time, the Company does not anticipate
paying dividends, cash or otherwise, on its common stock in the foreseeable future. Future dividends will depend on the Company's
earnings, if any, its financial requirements and other factors. There can be no assurance that the Company will pay dividends.

 The Company's stock price can be
very volatile.

 The common stock of the Company is listed on
the TSX and trades on the OTCQB. The trading price of the Company's common stock has been, and could continue to be, subject to
wide fluctuations in response to announcements of its business developments, results and progress of its exploration activities at the
Sierra Mojada Project, progress reports on its exploration activities, and other events or factors. In addition, stock markets have experienced
significant price volatility in recent months and years. This volatility has had a substantial effect on the share prices of companies,
at times for reasons unrelated to their operating performance. These fluctuations could be in response to:

 volatility in metal prices;

 political developments in the foreign countries in which its properties are located; and

 news reports relating to trends in the industry or general economic conditions.

 These broad market and industry fluctuations
may adversely affect the price of the Company's common stock, regardless of its operating performance.

 The Company cannot make any predictions or
projections as to what the prevailing market price for its common stock will be at any time, including as to whether its common stock
will achieve or remain at levels at or near its offering price, or as to what effect the sale of shares or the availability of common
stock for sale at any time will have on the prevailing market price.

 Item 1B.
 UNRESOLVED STAFF COMMENTS

 None.

 Item 1C.
 CYBERSECURITY

 Globally, organizations are encountering cybersecurity
incidents with growing frequency, and the nature of these threats is becoming more sophisticated and constantly changing. The Company
recognizes the importance of developing, implementing and maintaining strong cybersecurity policies and processes to protect the Company's
information systems and the confidentiality, integrity and accessibility and availability of its data.

 Risk Management and Strategy

 Managing Material Risks & Integrated
Overall Risk Management

 The Company has developed and maintained policies,
procedures and controls to mitigate material risks from cybersecurity threats, and assesses and discloses information to investors concerning
material cybersecurity incidents. Further, the Company has strategically integrated cybersecurity risk management into its broader risk
management framework to promote awareness and attention to cybersecurity risk management Company wide. The information technology ("IT")
consultant (the "IT Consultant") of the Company evaluates the effectiveness of the data and information systems, an important
purpose of which is to protect the data and information systems from security threats. The evaluation stratifies IT systems based on the
risk and severity of potential security breaches related to the data handled and assesses the effectiveness of the systems in safeguarding
against cyber threats. The evaluation includes attributes such as physical security, network security, host security, application security
and data security.

 The IT Consultant reports directly to the CFO
to review the Company's information security and cybersecurity risks. Despite these efforts, no system is impenetrable, and the
Company cannot provide assurances that it will prevent every attack or timely detect every incident.

 Engage Third Parties on Cyber-Risk Management

 The Company has engaged third parties that
supply IT services or have access to its systems or data to adhere to the Company's security policies. These third parties provide
detailed information on their established security controls via the Company's risk assessment process. Specific certification may
be required of critical third-party IT service providers.

 The Company will consider resource and capital
constraints when determining the nature and timing of enhancing its cybersecurity infrastructure.

 Risks from Cybersecurity Threats

 The Company does not currently identify any
major cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company (including its business
strategy, results of operations or financial condition).

 Governance

 Board of Directors Oversight

 The Board of Directors recognizes the importance
of information security and mitigating cybersecurity and other data security threats and risks as part of its efforts to protect and maintain
the confidentiality and security of its employees, service providers, consultants and business associates, as well as non-public information
about the Company. Although the full Board of Directors has ultimate responsibility with respect to risk management oversight, the Audit
Committee of the Company's Board of Directors is charged with and bears primary responsibility for, among other matters, overseeing
the identification and mitigation of cybersecurity risks.

 Risk Management Personnel

 Primary responsibility for assessing, monitoring,
and managing the Company's cybersecurity risks rests with the Chief Financial Officer, working in close coordination with the IT
Consultant of the Company. Both have experience in overseeing IT functions, including cybersecurity. The IT Consultant, Mr. Robert Carlson,
has worked in the IT industry for over 45 years. He has run an independent IT consulting company for over 40 years. He stays current
in IT industry standards, trends, and issues. His expertise is critical in designing, implementing, and executing the Company's
cybersecurity strategies. The IT Consultant oversees the governance programs in partnership with the CFO, remediates known risks and
leads the Company's employee training program around cybersecurity.

 Item 3.
 LEGAL PROCEEDINGS

 Mineros Norte os Case

 On May 20, 2014, Mineros Norte os
filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company's subsidiary,
Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development of the Sierra Mojada Property. Mineros Norte os
sought payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, even though no revenue has been
produced from the applicable mining concessions. It also sought payment of wages to the cooperative's members since August 30,
2004, even though none of the individuals were hired or performed work for Minera Metalin under this agreement and Minera Metalin did
not commit to hiring them. On January 19, 2015, the case was moved to the Third District Court (of federal jurisdiction). On October 4,
2017, the court ruled that Mineros Norte os was time barred from bringing the case. On October 19, 2017, Mineros Norte os
appealed this ruling. On July 31, 2019, the Federal Appeals Court upheld the original ruling. This ruling was subsequently challenged
by Mineros Norte os and on January 24, 2020, the Federal Circuit Court ruled that the Federal Appeals Court must consider
additional factors in its ruling. In March 2020, the Federal Appeals Court upheld the original ruling after considering these additional
factors. In August 2020, Mineros Norte os appealed this ruling, which appeal the Company timely responded and objected to on October 5,
2020. On March 26, 2021, the Federal Circuit Court issued a final and conclusive resolution, affirming the Federal Appeals Court decision.
Despite the judgments in favour of the Company, Mineros Norte os has continued to block access to the facilities at Sierra Mojada
since September 2019. The Company has filed criminal complaints with the State of Coahuila, federal and state authorities have been
contacted to intervene and terminate the blockade, and the Company has attempted to negotiate with Mineros Norte os, without resolution
to date. The Company has not accrued any amounts in its consolidated financial statements with respect to this claim.

 Valdez Case

 On February 15,
2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, "Valdez") filed an action before the
Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera
Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $5.9
million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various
defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent
to such payment obligations were never satisfied by Valdez. The Company and its Mexican legal counsel asserted all applicable defenses.
In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting it of all of the plaintiff's claims
and demands. However, due to a technicality in an early procedural act, Valdez was allowed to, and did, challenge the judgment before
a local Appeals Court. On October 1, 2020, the Appeals Court entered a resolution overturning the previous judgment and entering
a resolution in favor of Valdez in the amount of $5 million, plus court costs. In November 2020, the judgment of the Appeals Court was
timely challenged by the Company by means of an "Amparo" lawsuit (Constitutional protection) before a Federal Circuit Court.
In June 2021, the Federal Circuit Court ruled in favor of the plaintiff. In consultation with the Company's Mexican legal counsel,
the Company believes these judgments are contrary to applicable law. No efforts have been made by the plaintiff to enforce the Appeals
Court resolution, and in the event such efforts are undertaken, the Company intends to assert a variety of further defenses. The Company
believes the likelihood of the plaintiff succeeding in collecting any amount on this claim is remote, as such it has not accrued any amounts
in the consolidated financial statements with respect to this claim.

 ICSID Arbitration

 On March 2, 2023, the Company filed the NAFTA
Notice of Intent. As is required by Article 1118 of NAFTA, the Company sought to settle this dispute with Mexico through consultations.
On May 30, 2023, the Company attended a meeting with Mexican government officials in Mexico City, but, notwithstanding the Company's
good faith efforts to resolve the dispute amicably, no settlement was reached. Accordingly, the Company filed a request for arbitration
with ICSID on June 28, 2023. On July 20, 2023, ICSID registered the request. On June 17, 2024, the Company filed its Memorial submission
with ICSID detailing the claim against Mexico as well as damages for the sum of $408 million. The Arbitration hearing is set to commence
in October 2025.

 As the Arbitration proceedings are in the early
stages, the Company cannot determine the likelihood of succeeding in collecting any amount and as such has not accrued any amounts in
the consolidated financial statements with respect to this claim.

 See Note 15 – Commitments and Contingencies
to the Company's consolidated financial statements.

 Item 4.
 MINE SAFETY DISCLOSURES

 Not applicable.

 Item 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES

 Market Information

 From May 2, 2011 to June 28, 2015,
Silver Bull's common stock traded on the NYSE MKT (the predecessor stock exchange to the NYSE American) under the symbol "SVBL."
On June 5, 2015, the Company announced its decision to voluntarily delist its shares of common stock from the NYSE MKT due to costs
associated with the continued listing and NYSE MKT exchange rules regarding maintenance of a minimum share price. On June 29, 2015,
Silver Bull shares began trading on the OTCQB marketplace operated by OTC Markets Group. Since August 26, 2010, the Company's
common stock has been trading on the TSX under the symbol "SVB."

 The sales prices on the OTCQB reflect inter-dealer
prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

 Holders

 As of January 28, 2025, there were 70
holders of record of the Company's common stock. This does not include persons or entities that hold common stock in brokerage
accounts or otherwise in "street name."

 Dividends

 The Company has not declared or paid any cash
dividends on its common stock during the last two fiscal years. The Company has no plans to pay any cash dividends in the foreseeable
future.

 Securities Authorized for Issuance Under
Equity Compensation Plans

 As of October 31, 2024, the Company had
one formal equity compensation plan under which equity securities were authorized for issuance to its officers, directors, employees and
consultants: the 2019 Stock Option and Stock Bonus Plan (the "2019 Plan"). The 2019 Plan was adopted by the board of directors
in February 2019 and approved by the shareholders in April 2019. The 2019 Plan was amended by the board of directors in February 2022,
and the amendment was approved by shareholders in April 2022 (the "Amended 2019 Plan"). Under the Amended 2019 Plan, the lesser
of (i) 15,000,000 shares or (ii) 10% of the total shares outstanding will be reserved to be issued upon the exercise of options or the
grant of stock bonuses. As of October 31, 2024, there were 4,725,000 shares reserved for issuance under the Amended 2019 Plan.

 The following table gives information about
the Company's common stock that may be issued upon the exercise of options, warrants and rights under its compensation plans as
of October 31, 2024.

 Plan
 Category

 of securities to be issued upon exercise of outstanding options
 and
 rights

 Weighted
 average exercise
 price
 of outstanding
 options
 and rights

 of securities
 remaining
 available for
 future
 issuance

 Equity compensation plans approved by security holders

 4,725,000

 $0.17

 11,565

 Total

 4,725,000

 $0.17

 11,565

 Recent Sales of Unregistered Securities
and Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 Recent Sales of Unregistered Securities

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

 Purchases of Equity Securities by the Company
and Affiliated Purchasers

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

 Item 6.
 [RESERVED]

 Item 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Business Overview

 Silver Bull, incorporated in Nevada, is an
exploration stage company, engaged in the business of mineral exploration. The Company's primary objective is to define sufficient
mineral reserves on the Sierra Mojada Property to justify the development of a mechanized mining operation. Operations in Mexico are conducted
through the Company's wholly owned Mexican subsidiaries, Minera Metalin and Minas. However, as noted above, Silver Bull has not
established any reserves at the Sierra Mojada Property, is in the exploration stage and may never enter the development or production
stage.

 Silver Bull's corporate office is located
at 777 Dunsmuir Street, Suite 1605, Vancouver, British Columbia, Canada V7Y 1K4, telephone number is (604) 687-5800.

 Recent Developments

 Litigation Funding Agreement

 On September
5, 2023, the Company entered into a litigation funding agreement ("Funding Agreement" or the "LFA") with Bench
Walk. Under the terms of the Funding Agreement, Bench Walk has agreed to fund the Company with up to $9.5 million to cover the Company's
legal, tribunal and external expert costs and defined corporate operating expenses associated with the Arbitration proceedings as a purchase
of a contingent entitlement to damages.

 During the year ended October 31, 2024,
 pursuant to the terms of the LFA, the Company received a reimbursement of corporate operating costs in the amount of $800,000 from
 Bench Walk. Additionally, Bench Walk has made payments on the Company's behalf for legal and arbitration costs totaling
 $1,416,545 during the year ended October 31, 2024 and accumulated legal and arbitration costs of $1,979,384 since September 2023.

 ICSID Arbitration

 On June 28, 2023, the Company commenced international
arbitration proceedings against Mexico under the USMCA and NAFTA, arising from Mexico's unlawful
expropriation and other unlawful treatment of Silver Bull and its investments resulting from the illegal blockade of the Company's
Sierra Mojada project.

 On June
17, 2024, the Company filed its Memorial submission with ICSID detailing the claim against Mexico as well as damages for the sum of $408
million. The Arbitration hearing is set to commence in October 2025.

 Results of Operations

 Fiscal Year Ended October 31, 2024
Compared to Fiscal Year Ended October 31, 2023

 For the fiscal year ended October 31,
2024, the Company reported a consolidated net loss of $169,000 or approximately $nil per share, compared to a consolidated net loss of
$1,251,000 or approximately $0.04 per share during the fiscal year ended October 31, 2023. The $1,082,000 decrease in the consolidated
net loss was primarily due to a $136,000 decrease in exploration and property holding costs and a $877,000 decrease in administrative
expenses as a majority of these costs were reimbursed by Bench Walk, which was partially offset by a $68,000 increase in other income
in the 2024 fiscal year compared to the 2023 fiscal year as described below.

 Exploration and Property Holding Costs

 Exploration and property
holding costs decreased by $136,000 to $196,000 in the 2024 fiscal year from $332,000 in the 2023 fiscal year. This decrease was mainly
due to a $172,000 reimbursement from Bench Walk pursuant to the Funding Agreement during the 2024 fiscal year and a $16,000 concession
impairment in the 2023 fiscal year, which was offset by a $54,000 increase in exploration and property holding costs in the 2024 fiscal
year. As the Funding Agreement was entered into in September 2023, there is no fully comparable amount in the 2023 fiscal year.

 General and Administrative Costs

 General and administrative expenses decreased
by $877,000 to $58,000 in the 2024 fiscal year from $935,000 in the 2023 fiscal year as described below.

 Stock-based compensation was a factor in the
fluctuations in general and administrative expenses. Overall stock-based compensation included in general and administrative expense increased
to $115,000 in the 2024 fiscal year from $73,000 in the 2023 fiscal year. This was mainly due to the result of stock options vesting in
the 2024 fiscal year having a higher fair value than stock options vesting in the 2023 fiscal year.

 Personnel costs decreased by $19,000
to $225,000 in the 2024 fiscal year from $243,000 in the 2023 fiscal year. This decrease was mainly due to a $82,000 reduction in the
accrued vacation liability and a $nil bonus recorded in the 2024 fiscal year compared to $68,000 bonus in the 2023 fiscal year. The decrease
was offset by a $101,000 increase in salaries due to revised agreements with the Company's management in September 2023 and a $24,000
increase in stock-based compensation compared to the 2023 fiscal year.

 Office and administrative expenses of $218,000
in the 2024 fiscal year was similar to the $219,000 in such costs in the 2023 fiscal year.

 Professional fees decreased by $315,000
 to $159,000 in the 2024 fiscal year compared to $474,000 in the 2023 fiscal year. This decrease was mainly due to arbitration
 related costs incurred in relation to the legacy NAFTA claim in the 2023 fiscal year.

 Directors' fees increased by $21,000
to $134,000 in the 2024 fiscal year as compared to $113,000 for the 2023 fiscal year. This increase was primarily due to a $22,000 increase
the stock-based compensation expense to $48,000 in the 2024 fiscal year from $26,000 in the 2023 fiscal year as a result of stock options
vesting in the 2024 fiscal year having a higher fair value than stock options vesting in the 2023 fiscal year.

 The Company recorded a $8,000 recovery of uncollectible
VAT for the 2024 fiscal year as compared to a $45,000 provision for uncollectible VAT in the 2023 fiscal year. The allowance for uncollectible
taxes in Mexico was estimated by management based upon a number of factors, including the length of time the returns have been outstanding,
responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.

 In the current year, the Company recorded a
contra expense of $669,000 compared to $209,000 in the 2023 fiscal year, which is comprised of funds from the Funding Agreement. Bench
Walk is funding the Company's legal, tribunal and external expert costs and defined corporate operating expenses. This is a nonrecourse
agreement, and the Company has no obligation to repay any funds received under the agreement. In the event of a favorable outcome, Bench
Walk would recover disbursed funding as part of their investment return. As the Funding Agreement was entered into in September 2023,
there is no fully comparable amount in the 2023 fiscal year.

 During the fiscal year ended October 31, 2024,
the arbitration lawyers incurred $1,417,000 in legal costs compared to $474,000 in the 2023 fiscal year. All of which was paid by Bench
Walk directly.

 Other Income

 The Company recorded other income of $86,000
in the 2024 fiscal year as compared to other income of $18,000 in the 2023 fiscal year. The significant factor contributing to other income
in the 2024 fiscal year was $45,000 in interest income, $21,000 in foreign currency transaction income and $31,000 in miscellaneous income
on partial forgiveness of the Company's Canada Emergency Business Account ("CEBA") loan and a gain from sale of equipment,
which was offset by a $11,000 expense from change in fair value of the warrant derivative liability due to an increase in the fair value
of warrants with a $CDN exercise price from October 31, 2023 to October 31, 2024. The significant factor contributing to other income
in the 2023 fiscal year was a $32,000 interest income and a $9,000 foreign currency transaction
income, which was offset by $20,000 in other costs related to the certain years' VAT and corporate taxes disputes with Mexican
tax authorities and a $3,000 expense related to the issuance of warrants.

 Material Changes in Financial Condition;
Liquidity and Capital Resources

 Litigation Funding Agreement

 As noted above, pursuant to the Funding
 Agreement, Bench Walk is paying up to an aggregate of $9.5 million to fund legal costs and other expenses incurred by the
 Company in connection with the Claim, including an amount for reasonably incurred day-to-day operating expenses of the Company.
 During the 2024 fiscal year, the Company received funding of $800,000 as reimbursement of corporate operating costs incurred. In
 January 2025, the Company received an additional reimbursement of $200,000 from Bench Walk.

 The Company
agreed that the Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim (the "Claim Proceeds")
of up to 3.5x Bench Walk's capital outlay (or, if greater, a return of 1.0x Bench Walk's capital outlay plus 30% of the Claim
Proceeds). The actual return to Bench Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved.

 Cash Flows

 During
the 2024 fiscal year, cash and cash equivalents were primarily utilized to fund general and administrative expenses, and to reduce accounts
payable and accrued liabilities balances. In addition, the Company received $800,000 from Bench Walk. As a result of the arbitration
funding from Bench Walk, which was partially offset by exploration activities and general and administrative expenses, cash and cash
equivalents decreased from $1,009,000 at October 31, 2023 to $546,000 at October 31, 2024.

 Cash flows used in operations for the 2024
fiscal year were $421,000 as compared to $794,000 for the 2023 fiscal year. The decrease was mainly due to the timing of certain payments.

 Cash flows provided by investing activities
for the 2024 fiscal year were proceeds of $16,000 from the sale of equipment, which was offset by a $1,000 purchase of equipment. Cash
flows provided by investing activities for the 2023 fiscal year was $nil.

 Cash flows used by financing activities for the 2024 fiscal year were $57,000
as the Company repaid the payable portion of the CEBA loan and payment of share issuance costs related to the private placement in the
2023 fiscal year. The cash flows provided by financing activities
of $916,000 in the 2023 fiscal year was due to the private placement the Company completed.

 Capital Resources

 As of
October 31, 2024, the Company had cash and cash equivalents of $546,000 as compared to cash and cash equivalents of $1,009,000 as
of October 31, 2023. The decrease in liquidity and working capital were primarily the result of the net repayment of accounts payable
of $445,000 and increases in accounts receivable and general and administrative expenses and payments, which were partially offset decreases
in related party and the Arbitration funding.

 Since the Company's inception
 in November 1993, it has not generated revenue and has incurred an accumulated deficit of $138,814,000. Accordingly, the Company
 has not generated cash flows from operations, and since inception has relied primarily upon proceeds from private placements and
 registered direct offerings of its equity securities, warrant exercises, the sale of investments and funding from Bench Walk and
 South32 as the primary sources of financing to fund operations. Based on the limited cash and cash equivalents, and history of
 losses, there is substantial doubt as to whether the Company's existing cash resources are sufficient to enable it to continue
 operations for the next 12 months as a going concern. Management plans to pursue possible financing and strategic options, including,
 but not limited to, obtaining additional equity financing and the exercise of warrants by warrantholders. However, there is no
 assurance that the Company will be successful in pursuing these plans.

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

 Capital Requirements and Liquidity; Need
for Additional Funding

 The Company's
management and board of directors monitor overall costs, expenses, and financial resources and, if necessary, will adjust planned operational
expenditures in an attempt to ensure that the Company has sufficient operating capital. The Company continues to evaluate its costs and
planned expenditures, including its Sierra Mojada Property as discussed below.

 If the blockade is resolved, and exploration
 of the Sierra Mojada project is restarted, the Company will require significant amounts of additional capital. As of December 31,
 2024, the Company had approximately $0.4 million in cash and cash equivalents. The continued exploration of the Sierra Mojada Property
 ultimately would require the Company to raise additional capital, identify other sources of funding, identify a strategic partner
 or other strategic alternatives.

 The Company
will continue to evaluate its ability to obtain additional financial resources, and will attempt to reduce or limit expenditures on the
Sierra Mojada Property as well as general and administrative costs if it is determined that additional financial resources are unavailable
or available on terms that it determines are unacceptable. However, it may not be possible to reduce costs, and even if the Company is
successful in reducing costs, it still may not be able to continue operations for the next 12 months as a going concern. Debt or equity
financing may not be available on acceptable terms, if at all. Equity financing, if available, may result in substantial dilution to existing
stockholders. If the Company is unable to fund future operations by way of financings, including public or private offerings of equity
or debt securities, its business, financial condition and results of operations will be adversely impacted.

 Off-Balance Sheet Arrangements

 There are no significant off-balance sheet
arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to its shareholders.

 Recent Accounting Pronouncements Adopted
in the Fiscal Year Ended October 31, 2024

 In November 2023, Silver Bull adopted the Financial
Accounting Standards Board's ("FASB") Accounting Standards Updated ("ASU") 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities' segment disclosures by requiring
disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each
reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures
of a reportable segment's profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for
public entities with a single reportable segment. The adoption did not have a significant impact on the Company's financial position,
results of operations or cash flows and disclosures.

 Recent Accounting Pronouncements Not Yet
Adopted

 In March 2024, the FASB issued ASU 2024-02,
Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Codification
that remove references to various FASB Concepts Statements. The effort facilitates Codification updates for technical corrections such
as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance and other minor improvements.
While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since
some entities could be affected. This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

 In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities' income tax disclosures by requiring
disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The
standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation
decisions. This ASU will be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective
basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact
of adopting this ASU on its consolidated financial statements and disclosures.

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

 Critical Accounting Policies and Estimates

 The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America ("GAAP") requires the Company to
establish accounting policies and make estimates and assumptions that affect reported amounts of assets and liabilities at the date of
the consolidated financial statements. These consolidated financial statements include some estimates and assumptions that are based on
informed judgments and estimates of management. The Company evaluates its policies and estimates on an ongoing basis and discuss the development,
selection and disclosure of critical accounting policies with the audit committee of the board of directors. Predicting future events
is inherently an imprecise activity and as such requires the use of judgment. The Company's consolidated financial statements may
differ based upon different estimates and assumptions.

 Significant accounting policies are discussed
in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements. The significant accounting policies
are subject to judgments and uncertainties that affect the application of such policies. The Company believes that these consolidated
financial statements include the most likely outcomes with regard to amounts that are based on management's judgment and estimates.
The consolidated financial position and results of operations may be materially different when reported under different conditions or
when using different assumptions in the application of such policies. If estimates or assumptions prove to be different from the actual
amounts, adjustments are made in subsequent periods to reflect more current information. The Company believes that the following accounting
policies are critical to the preparation of its consolidated financial statements due to the estimation process and business judgment
involved in their application:

 Use of Estimates

 The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates based on assumptions about future events that affect the amounts
reported in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ
from those estimates. Estimates and assumptions are reviewed on an ongoing basis based on historical experience and other factors that
are considered to be relevant under the circumstances. Revisions to estimates and assumptions are accounted for prospectively.

 Significant areas involving the use of estimates
include determining the allowance for uncollectible taxes, evaluating recoverability of property concessions, evaluating impairment of
long-lived assets, evaluating recoverability of accounts receivable, calculating a valuation for warrant derivative liability and calculating
stock-based compensation.

 Accounts Receivable

 Accounts Receivable consists of corporate costs
that are to be reimbursed by Bench Walk pursuant to the terms of the Funding Agreement. The Company anticipates full recovery of its current
receivables within three months.

 Property Concessions

 Property concession acquisition costs are capitalized
when incurred and will be amortized using the units of production method following the commencement of production. If a property concession
is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. To date, no
property concessions have reached the production stage.

 Acquisition costs include cash consideration
and the fair market value of shares issued on the acquisition of property concessions.

 Exploration Costs

 Exploration costs incurred are expensed to
the date of establishing that costs incurred are economically recoverable. Exploration expenditures incurred subsequent to the establishment
of economic recoverability are capitalized and included in the carrying amount of the related property. To date, the Company has not established
the economic recoverability of its exploration prospects; therefore, all exploration costs are being expensed.

 Impairment of Long-Lived Assets

 The Company reviews and evaluates its long-lived
assets for impairment when events and changes in circumstances indicate that the related carrying amounts of its assets may not be recoverable.
Impairment is considered to exist if the future cash flows on an undiscounted basis are less than the carrying amount of the long-lived
asset. An impairment loss is measured and recorded based on the difference between book value and fair value of the asset group. In estimating
future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of cash
flows from other asset groups. In estimating future cash flows, the Company estimates the price that would be received to sell an asset
group in an orderly transaction between market participants at the measurement date. Significant factors that impact this price include
the price of silver and zinc, and general market conditions for exploration companies, among other factors.

 Income Taxes

 The Tax Cuts and Jobs Act of 2017 was signed
into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including a federal
corporate rate reduction from 35% to 21%, limitations on the deductibility of interest expense and executive compensation, and the transition
of U.S. international taxation from a worldwide tax system to a territorial tax system. The law did not have a material impact on the
Company's financial position, results of operations or cash flows and disclosures.

 The asset and liability method of accounting
for income taxes is followed. Under this method, deferred income tax assets and liabilities are determined based on temporary differences
between the tax basis and accounting basis of the assets and liabilities measured using tax rates enacted at the balance sheet date. The
tax benefit from uncertain tax positions is recognized only if it is at least "more likely than not" that the tax position
will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized
in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being
realized upon settlement with the taxing authorities. This accounting standard also provides guidance on de-recognition, classification,
interest and penalties, accounting in interim periods and disclosure.

 A valuation allowance is recorded against deferred
tax assets if management does not believe that the Company has met the "more likely than not" standard imposed by this guidance
to allow recognition of such an asset. Management recorded a full valuation allowance at October 31, 2024 and October 31, 2023
against the deferred tax assets as it determined that future realization would not meet the "more likely than not" criteria.

 Warrant Derivative Liability

 The Company classified warrants on the Company's
balance sheet as a derivative liability which is fair valued at each reporting period subsequent to the initial issuance as the Company's
functional currency is the U.S. dollar and the exercise price of the warrants is the $CDN. The Company has used the Black-Scholes pricing
model to value the warrants that do not have an acceleration feature. Determining the appropriate fair-value model and calculating the
fair value of warrants requires considerable judgment. Any change in the estimates used may cause the value to be higher or lower than
that reported. The estimated volatility of the common stock of the Company at the date of issuance, and at each subsequent reporting period,
is based on historical volatility adjusted to reflect implicit discount to historical volatilities observed in the prices of traded warrants.
The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining
life of the warrants at the valuation date. The expected life of the warrants is assumed to be equivalent to their remaining contractual
term. The dividend yield is expected to be none as the Company has not paid dividends nor does the Company anticipate paying any dividend
in the foreseeable future.

 The derivative is not traded in an active market
and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated
financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that
are not quoted in an active market. All changes in the fair value are recorded in the consolidated statement of operations and comprehensive
loss each reporting period.

 Stock-Based Compensation

 The Black-Scholes pricing model is used as
a method for determining the estimated fair value for all stock options awarded to employees, officers, directors and consultants. The
expected term of the options is based upon an evaluation of historical and expected future exercise behavior. The risk-free interest rate
is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the options at the valuation
date. Volatility is determined based upon historical volatility of the Company's stock and adjusted if future volatility is expected
to vary from historical experience. The dividend yield is assumed to be none as Silver Bull has not paid dividends nor does it anticipate
paying any dividends in the foreseeable future. The graded vesting attribution method is used to recognize compensation costs over the
requisite service period.

 Cumulative compensation cost associated with
options on subsidiary equity are classified as additional paid-in capital until exercised.

 Foreign Currency Translation

 During the fiscal years ended October 31,
2024 and October 31, 2023, the functional currency of Silver Bull Resources, Inc. and its subsidiaries was the U.S. dollar.

 During the fiscal years ended October 31,
2024 and October 31, 2023, Silver Bull's Mexican operations' monetary assets and liabilities with foreign source currencies
were translated into U.S. dollars at the period-end exchange rate, and non-monetary assets and liabilities with foreign source currencies
were translated using the historical exchange rate. The Mexican operations' revenue and expenses were translated at the average
exchange rate during the period except for depreciation of office and mining equipment, costs of office and mining equipment sold and
impairment of property concessions, all of which are translated using the historical exchange rate. Foreign currency translation gains
and losses of the Mexican operations are included in the consolidated statements of operations.

 Accounting for Loss Contingencies and Legal
Costs

 From time to time, the Company is named as
a defendant in legal actions arising from its normal business activities. An accrual for the estimated loss from a loss contingency is
recorded when information available prior to issuance of the financial statements indicates that it is probable that a liability has been
incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Disclosure of a loss contingency
is made by the Company if there is at least a reasonable possibility that a loss has been incurred, and either an accrual has not been
made or an exposure to loss exists in excess of the amount accrued. In cases where only disclosure of the loss contingency is required,
either the estimated loss or a range of estimated loss is disclosed or it is stated that an estimate cannot be made. Legal costs incurred
in connection with loss contingencies are considered period costs and accordingly are expensed in the period services are provided.

 Item 7A.
 Quantitative AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Not applicable.

 Item 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 See "Index to Consolidated Financial
Statements" following the signature page of this Annual Report on Form 10-K.

 Item 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 Item 9A.
 CONTROLS AND PROCEDURES

 (a) Evaluation
of Disclosure Controls and Procedures

 As of October 31, 2024, the Company has
carried out an evaluation under the supervision of, and with the participation of its Chief Executive Officer and Chief Financial Officer,
of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the
Exchange Act). Based on the evaluation as of October 31, 2024, the Company's Chief Executive Officer and Chief Financial Officer
have concluded that its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective.

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

 (b) Management's
Report on Internal Control over Financial Reporting

 Management is responsible for establishing
and maintaining adequate internal control over financial reporting, as that term is defined in Rule 13a-15(f) under the Exchange
Act. Under the supervision and with the participation of the Company's management, including its principal executive and principal
financial officers, the Company assessed, as of October 31, 2024, the effectiveness of its internal control over financial reporting.
This assessment was based on criteria established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on the Company's assessment using those criteria, management concluded that its
internal control over financial reporting as of October 31, 2024 was effective.

 Internal control over financial reporting is
defined as a process designed by, or under the supervision of, the Company's principal executive and principal financial officers
and effected by its board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,
and includes those policies and procedures that:

 pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the Company's assets;

 provide reasonable assurance that transactions are recorded as necessary to permit the preparation
of financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures are being
made only in accordance with authorizations of management and directors; and

 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of assets that could have a material effect on the financial statements.

 A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because
of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control
issues, if any, within a company have been detected.

 (c) Changes
in Internal Controls over Financial Reporting

 There
were no changes in the Company's internal control over financial reporting during the fiscal year ended October 31, 2024 that
materially affected, or were reasonably likely to materially affect, its internal control over financial reporting.

 Item 9B.
 OTHER INFORMATION

 Insider Trading Arrangements and Policies

 During
the fiscal year ended October 31, 2024, none of our directors or executive officers adopted or terminated a "Rule 10b5-1 trading
arrangement" or a "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K). In
addition, we did not adopt or terminate a Rule 10b5-1 trading arrangement during the fiscal year ended October 31, 2024.

 Item 9C.
 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Not applicable.

 Item 10.
 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

in an amendment to this report or in the proxy statement for Silver Bull's 2025 annual meeting of shareholders and is incorporated

 The Company has adopted a Code of Ethics that
applies to all directors and employees, including its principal executive officer, principal financial officer, principal accounting officer,
and those officers performing similar functions. The full text of the Company's Code of Ethics can be found on the Corporate Governance
page of its website – at  If the board of directors approves
an amendment to or waiver from any provision of the Code of Ethics, Silver Bull will disclose the required information pertaining to such
amendment or waiver on its website.

 Item 11.
 EXECUTIVE COMPENSATION

in an amendment to this report or in the proxy statement for Silver Bull's 2025 annual meeting of shareholders and is incorporated

 Item 12.
 SECURITY OWNERSHIP OF Certain BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS

in an amendment to this report or in the proxy statement for Silver Bull's 2025 annual meeting of shareholders and is incorporated

 Item 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

in an amendment to this report or in the proxy statement for Silver Bull's 2025 annual meeting of shareholders and is incorporated

 Item 14.
 PRINCIPAL ACCOUN Tant FEES AND SERVICES

in an amendment to this report or in the proxy statement for Silver Bull's 2025 annual meeting of shareholders and is incorporated

 Item 15.
 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 Financial Statements and Financial Statement
Schedules

 See "Index to Consolidated Financial
Statements" on page F-1.

 Incorporated by Reference

 Exhibit Number

 Exhibit Description

 Form

 Date

 Exhibit

 Filed/ Furnished Herewith

 3.1

 Amended and Restated Articles of Incorporation of Silver Bull Resources, Inc.

 04/21/2021

 3.1

 3.2

 Bylaws

 01/14/2011

 3.1.2

 3.2.1

 First Amendment to Bylaws

 X

 4.1

 Description of Capital Stock

 X

 4.2

 Form of Silver Bull Resources, Inc. Warrant Certificate

 11/02/2020

 10.2

 4.3

 Form of Silver Bull Resources, Inc. Warrant Certificate

 10/31/2023

 10.2

 10.1

 Separation and Distribution Agreement, dated as of August 31, 2021, by and between Silver Bull Resources, Inc. and Arras Minerals Corp.

 09/03/2021

 10.1

 10.2

 Litigation Funding Agreement, dated as of September 4, 2023, by and between Bench Walk 23P, L.P. and Silver Bull Resources, Inc.

 01/29/2024

 10.2

 10.3

 Form of Silver Bull Resources, Inc. Unit Subscription Agreement

 10/31/2023

 10.1

 10.4+

 Silver Bull Resources, Inc. 2019 Stock Option and Stock Bonus Plan

 06/14/2019

 10.2

 10.4.1+

 Amendment to the Silver Bull Resources, Inc. 2019 Stock Option and Stock Bonus Plan

 04/20/2022

 10.1

 10.5+

 Silver Bull Resources, Inc. Management Retention Bonus Plan, dated April 15, 2021

 06/11/2021

 10.1

 10.5.1+

 Amendment to Silver Bull Resources, Inc. Management Retention Bonus Plan, dated as of February 17, 2022

 02/23/2022

 10.4

 10.6+

 Key Persons Retention Agreement, dated as of October 13, 2023, by and among Silver Bull Resources, Inc. and the persons named therein

 10/18/2023

 10.1

 10.7+

 Consulting Agreement, dated as of February 17, 2022, by and between Silver Bull Resources, Inc. and Timothy Barry

 02/23/2022

 10.1

 10.8+

 Consulting Agreement, dated as of February 17, 2022, by and between Silver Bull Resources, Inc. and Westcott Management Ltd.

 02/23/2022

 10.2

 10.9+

 Amended and Restated Employment Agreement, dated as of February 17, 2022, by and among Silver Bull Resources, Inc., Arras Minerals Corp. and Christopher Richards

 02/23/2022

 10.3

 10.10+

 Form of Indemnification Agreement (Directors and Officers)

 01/13/2020

 10.10

 14.1

 Code of Ethics

 11/07/2019

 14.1

 19.1

 Policy Against Trading on the Basis of Inside Information

 X

 19.2

 Policy for Stock Trading by Directors, Executive Officers and Other Members of Management

 X

 21.1

 Subsidiaries of the Registrant

 X

 23.1

 Consent of Independent Registered Public Accounting Firm (Smythe LLP; Vancouver, Canada; PCAOB ID# 995)

 X

 23.2

 Consent of Archer, Cathro & Associates (1981) Limited

 X

 23.3

 Consent of Timothy Barry

 X

 31.1

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

 X

 31.2

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

 X

 32.1

 Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 XX

 32.2

 Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 XX

 96.1

 Technical Report Summary

 01/26/2023

 96.1

 101.INS*

 X

 101.SCH*

 X

 101.CAL*

 X

 101.DEF*

 X

 X Filed herewith.

 XX Furnished herewith.

 + Indicates a management contract or compensatory
plan, contract or arrangement.

 Filed herewith under Items 1 and 2
– Business and Properties.

 Portions of this exhibit have
been omitted in accordance with Item 601(b)(10) of Regulation S-K. The omitted information is not material, and the registrant customarily
and actually treats such information as private and confidential. The registrant hereby agrees to furnish supplementally an unredacted
copy of this exhibit to the Securities and Exchange Commission upon request.

 * The following financial information from
(Extensible Business Reporting Language): Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Loss, Consolidated
Statement of Stockholders' Equity, Consolidated Statements of Cash Flows.

 Item 16.
 FORM 10-K SUMMARY

 None.

 SIGNATURES

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

 By:

 /s/ Timothy Barry

 Timothy Barry,

 Chief Executive Officer

 (Principal Executive Officer)

 By:

 /s/ Christopher Richards

 Christopher Richards,

 Chief Financial Officer

 (Principal Financial Officer and Principal Accounting Officer)

 Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 By:

 /s/ Timothy Barry

 Timothy Barry,

 Chief Executive Officer and Director

 By:

 /s/ Brian Edgar

 Brian Edgar,

 Director

 By:

 /s/ William Matlack

 William Matlack

 Director

 By:

 /s/ David Underwood

 David Underwood,

 Director

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 (An Exploration Stage Company)

 PAGE NO.

 Report of Independent Registered Public Accounting Firm (PCAOB ID # 995)

 Consolidated Financial Statements:

 Consolidated Balance Sheets

 Consolidated Statements of Operations and Comprehensive Loss

 Consolidated Statements of Cash Flows

 F-5 – F-6

 Consolidated Statements of Stockholders' Equity

 Notes to Consolidated Financial Statements

 F-8 – F-24

 [The balance of this page has been intentionally left
blank.]

 F- 1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Directors and Stockholders
of Silver Bull Resources, Inc.:

 Opinion on the Consolidated Financial Statements

 We have audited the accompanying consolidated
balance sheets of Silver Bull Resources, Inc. (an exploration stage company) (the "Company") as of October 31, 2024 and
2023, and the related consolidated statements of operations and comprehensive loss, cash flows, and stockholders' equity for the
years then ended, and the related notes (collectively referred to as the "consolidated financial statements").

 In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of October 31, 2024 and 2023, and the
results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in
the United States of America.

 Going Concern Uncertainty

 The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial
statements, the Company has suffered recurring losses from operations and has limited cash and cash equivalents at October 31, 2024.
These circumstances raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these
matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from
the outcome of this uncertainty.

 Basis for Opinion

 These consolidated financial statements are
the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain
an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of
the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising
from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit
committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved
our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,
providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

 We have determined that there are no critical
audit matters to communicate in our auditors' report.

 /s/ Smythe LLP

 Smythe LLP, Chartered Professional Accountants

 We have served as the Company's auditor since
2016.

 Vancouver, Canada

 January 28, 2025

 F- 2

 SILVER BULL
RESOURCES, INC.

 (AN EXPLORATION
STAGE COMPANY)

 CONSOLIDATED
BALANCE SHEETS

 2024

 2023

 ASSETS

 CURRENT ASSETS

 Cash and cash
 equivalents

 $
 545,961

 $
 1,008,507

 Other receivables

 1,678

 5,685

 Accounts receivable (Note
 4)

 181,213

 140,097

 Prepaid expenses and deposits

 44,113

 44,637

 Due
 from related party (Note 5)

 22,095

 57,853

 Total
 Current Assets

 795,060

 1,256,779

 Value-added tax receivable, net of allowance for uncollectible taxes of $ 475,908 and $ 536,010, respectively (Note 6)

 88,814

 100,613

 Office and mining equipment,
 net (Note 7)

 122,453

 130,937

 Property
 concessions (Note 8)

 5,004,386

 5,004,386

 TOTAL ASSETS

 $
 6,010,713

 $
 6,492,715

 LIABILITIES AND STOCKHOLDERS'
 EQUITY

 LIABILITIES

 Accounts payable

 $
 68,087

 $
 517,489

 Accrued liabilities and
 expenses

 308,749

 258,590

 Income tax payable

 1,500

 3,000

 Warrant derivative liability (Note 12)

 89,580

 78,088

 Loan
 payable (Note 9)

 —

 43,256

 TOTAL LIABILITIES

 467,916

 900,423

 COMMITMENTS AND CONTINGENCIES
 (Note 15)

 STOCKHOLDERS' EQUITY
 (Notes 10, 11 and 12)

 Common stock, $ 0.01 par value; 150,000,000 shares authorized,
 47,365,652 shares issued and outstanding

 Additional paid-in capital

 141,723,305

 141,604,015

 Accumulated deficit

 ( 138,814,271
)

 ( 138,645,486
)

 Other
 comprehensive income

 Total Stockholders'
 Equity

 5,542,797

 5,592,292

 TOTAL
 LIABILITIES AND STOCKHOLDERS' EQUITY

 $
 6,010,713

 $
 6,492,715

consolidated financial statements.

 F- 3

 SILVER BULL
RESOURCES, INC.

 (AN EXPLORATION
STAGE COMPANY)

 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 Years
 Ended October 31,

 2024

 2023

 REVENUES

 $

 —

 $

 —

 EXPLORATION
 AND PROPERTY HOLDING COSTS

 Exploration
 and property holding costs (Note 4)

 358,076

 303,685

 Depreciation
 (Note 7)

 9,419

 12,631

 Funding
 Agreement reimbursement (contra expense) (Note 4)

 ( 171,671
)

 —

 Concession
 impairment (Note 8)

 —

 15,541

 TOTAL
 EXPLORATION AND PROPERTY HOLDING COSTS

 195,824

 331,857

 GENERAL
 AND ADMINISTRATIVE EXPENSES

 Personnel

 224,813

 292,332

 Office
 and administrative

 218,135

 219,090

 Professional
 services (Note 4)

 158,503

 474,456

 Directors'
 fees

 134,392

 113,140

 (Recovery
 of) provision for uncollectible value-added taxes (Note 6)

 ( 8,020
)

 44,713

 Funding
 Agreement reimbursement (contra expenses) (Note 4)

 ( 669,445
)

 ( 209,009
)

 TOTAL
 GENERAL AND ADMINISTRATIVE EXPENSES

 58,378

 934,722

 LOSS
 FROM OPERATIONS

 ( 254,202
)

 ( 1,266,579
)

 OTHER
 INCOME

 Interest
 income

 45,421

 31,987

 Foreign
 currency transaction gain

 21,288

 8,656

 Change
 in fair value of warrants derivative liability (Note 12)

 ( 11,090
)

 ( 40
)

 Miscellaneous
 income (Notes 7 and 9)

 30,853

 —

 Other
 costs (Note 15)

 —

 ( 19,527
)

 Warrant
 issuance costs (Note 10)

 —

 ( 3,468
)

 TOTAL
 OTHER INCOME

 86,472

 17,608

 LOSS
 BEFORE INCOME TAXES

 ( 167,730
)

 ( 1,248,971
)

 INCOME
 TAX EXPENSE (Note 13)

 ( 1,055
)

 ( 2,217
)

 NET
 AND COMPREHENSIVE LOSS

 ( 168,785
)

 ( 1,251,188
)

 BASIC
 AND DILUTED NET LOSS PER COMMON SHARE

 $
 ( 0.00
)

 $
 ( 0.04
)

 BASIC
 AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 47,365,652

 35,491,775

consolidated financial statements

.

 F- 4

 (AN EXPLORATION STAGE COMPANY)

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 Years
 Ended October 31,

 2024

 2023

 CASH FLOWS FROM OPERATING ACTIVITIES:

 Net loss

 $
 ( 168,785
)

 $
 ( 1,251,188
)

 Adjustments to reconcile net loss to net cash used by operating activities:

 Depreciation (Note 7)

 9,419

 12,631

 (Recovery of) provision for uncollectible value-added taxes (Note 6)

 ( 8,020
)

 44,713

 Foreign currency transaction income

 ( 27,331
)

 ( 9,478
)

 Stock options issued for compensation (Note 11)

 119,290

 76,758

 Change in fair value of warrant derivative liability (Note 12)

 11,090

 Miscellaneous income (Notes 7 and 9)

 ( 30,853
)

 —

 Concession impairment (Note 8)

 —

 15,541

 Shares of common stock issued for services (Note 10)

 —

 88,411

 Warrant issuance costs (Note 10)

 —

 3,468

 Changes in operating assets and liabilities:

 Other receivables

 3,993

 ( 2,838
)

 Accounts receivables (Note 4)

 ( 41,116
)

 ( 140,097
)

 Prepaid expenses and deposits

 5,340

 Due from related party (Note 5)

 35,757

 ( 34,657
)

 Accounts payable

 ( 417,567
)

 329,259

 Accrued liabilities and expenses

 85,234

 72,175

 Value-added tax receivable (Note 6)

 9,586

 ( 3,876
)

 Income tax payable

 ( 1,500
)

 —

 Net cash used in operating activities

 ( 420,781
)

 ( 793,798
)

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Purchase of equipment (Note 7)

 ( 1,068
)

 —

 Proceeds from sale equipment (Note 7)

 16,134

 —

 Net cash provided by investing activities

 15,066

 —

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Loan repayment (Note 9)

 ( 29,438
)

 —

 Payment of share issuance costs

 ( 27,393
)

 —

 Proceeds from issuance of common stock, net of offering costs (Note 10)

 —

 915,577

 Net cash (used) provided by financing activities

 ( 56,831
)

 915,577

 Net (decrease) increase in cash and cash equivalents

 ( 462,546
)

 121,779

 Cash and cash equivalents beginning of year

 1,008,507

 886,728

 Cash and cash equivalents end of year

 $
 545,961

 $
 1,008,507

consolidated financial statements.

 F- 5

 (AN EXPLORATION STAGE COMPANY)

 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

 Years
 Ended October 31,

 2024

 2023

 SUPPLEMENTAL CASH FLOW DISCLOSURES:

 Income taxes paid

 $
 2,555

 $
 2,249

 Interest paid

 —

 —

 NON-CASH INVESTING AND FINANCING ACTIVITIES:

 Offering costs included in accounts payable and accrued liabilities

 $
 —

 $
 29,146

consolidated financial statements.

 F- 6

 SILVER BULL
RESOURCES, INC.

 (AN EXPLORATION
STAGE COMPANY)

 CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY

 Common
 Stock

 of Shares

 Amount

 Additional
 Paid-in Capital

 Accumulated
 Deficit

 Other
 Comprehensive
 Income

 Total
 Stockholders'
 Equity

 Balance, October 31, 2023

 47,365,652

 $

 $
 141,604,015

 $
 ( 138,645,486
)

 $

 $
 5,592,292

 Stock option activity as follows:

 - Stock-based compensation for options issued to directors, officers, employees and advisors (Note 11)

 —

 —

 119,290

 —

 —

 119,290

 Net loss for the year ended October 31, 2024

 —

 —

 —

 ( 168,785
)

 —

 ( 168,785
)

 Balance, October 31, 2024

 47,365,652

 $

 $
 141,723,305

 $
 ( 138,814,271
)

 $

 $
 5,542,797

 Common
 Stock

 of Shares

 Amount

 Additional
 Paid-in Capital

 Accumulated
 Deficit

 Other
 Comprehensive
 Income

 Total
 Stockholders'
 Equity

 Balance, October 31, 2022

 35,055,652

 $
 2,418,415

 $
 140,750,310

 $
 ( 137,394,298
)

 $

 $
 5,866,675

 Issuance of common stock as follows:

 - For cash at a price of $CDN $ 0.11 per share with attached warrants less offering costs of $ 39,887 (Note 10)

 11,685,000

 116,850

 694,786

 —

 —

 811,636

 - For compensation at $ 0.14 per share (Note 10)

 625,000

 6,250

 82,161

 —

 —

 88,411

 Stock option activity as follows:

 - Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 11)

 —

 —

 76,758

 —

 —

 76,758

 Net loss for the year ended October 31, 2023

 —

 —

 —

 ( 1,251,188
)

 —

 ( 1,251,188
)

 Balance, October 31, 2023

 47,365,652

 $

 $
 141,604,015

 $
 ( 138,645,486
)

 $

 $
 5,592,292

consolidated financial statements.

 F- 7

 NOTE 1 – ORGANIZATION AND DESCRIPTION
OF BUSINESS

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

 The Company engages in the business of mineral
exploration. The Company currently owns a number of property concessions in Mexico (collectively known as the "Sierra Mojada Property").
The Company conducts its operations in Mexico through its wholly owned subsidiary corporations, Minera Metalin S.A. de C.V. ("Minera
Metalin"), Contratistas de Sierra Mojada S.A. de C.V. ("Contratistas") and Minas de Coahuila SBR S.A. de C.V. ("Minas").
On August 26, 2021, Contratistas merged with and into Minera Metalin.

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

 On April 23, 2023, Nomad Minerals Ltd. ("Nomad
Minerals"), a wholly owned subsidiary of the Company, was incorporated in British Columbia, Canada. On April 28, 2023, Nomad Metals
Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly owned subsidiary of Nomad
Minerals.

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

 On February 5, 2021, Arras Minerals Corp. ("Arras")
was incorporated in British Columbia, Canada, as a wholly owned subsidiary of the Company. The
Company sold all retained common shares of Arras and has not held any interest in Arras since 2022.

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

 F- 8

 Exploration Stage

 The
Company has established the existence of mineral resources for the Sierra Mojada Project. The Company has not established proven or probable
reserves, as defined by the United States Securities and the U.S. Securities and Exchange Commission (the "SEC")
 subpart 1300 of Regulation S-K ("S-K 1300"), through the completion
of a "final" or "bankable" feasibility study for Sierra Mojada Project. Furthermore, the Company has no plans
to establish proven or probable reserves for Sierra Mojada Project. As a result, and despite the fact that the Company commenced extraction
of mineral resources at the Sierra Mojada Property, the Company remains an exploration stage company, as defined by the SEC.

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

 Going Concern

 Since its inception in November 1993, the
Company has not generated revenue and has incurred an accumulated deficit of $ 138,814,000. Accordingly, the Company has not generated
cash flows from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered
direct offerings of the Company's equity securities and warrant exercises as the primary sources of financing to fund the Company's
operations. As of October 31, 2024, the Company had cash and cash equivalents of $ 546,000. With respect to the anticipated costs
associated with the aforementioned arbitration, as of September 5, 2023, the Company has secured third-party arbitration financing from
Bench Walk Advisors LLC ("Bench Walk" or the "Funder") in an amount of up to $ 9.5 million (Note 4). The funding
has been completed as a purchase of a contingent entitlement to damages in the event that a damages award is recovered from Mexico.

 Despite the arbitration financing in place,
based on the Company's constrained cash and cash equivalents, and history of losses, there exists a certain level of uncertainty
regarding the company's ability to sustain its operation over the next 12 months as a going concern. While the Company entered into
a Funding Agreement aimed at covering arbitration legal costs and certain other costs, supplemental fundraising will be essential to meet
more extensive operational demands. Management plans to pursue possible financing and strategic options, including, but not limited to,
obtaining additional equity financing. Management has successfully pursued these options previously and believes that they alleviate the
substantial doubt that the Company can continue its operations for the next 12 months as a going concern. However, there is no assurance
that the Company will be successful in pursuing these plans. These consolidated financial statements have been prepared on a going concern
basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event
the Company can no longer continue as a going concern. Such adjustments could be material.

 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

 This summary of significant accounting policies
is presented to assist in understanding the consolidated financial statements. The consolidated financial statements and notes are representations
of the Company's management, which is responsible for their integrity and objectivity.

 Basis of Presentation
 The Company's consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP")
using the accrual method of accounting, except for cash flow amounts.
 All figures are in United States dollars unless
otherwise noted.
 Certain prior period amounts have been reclassified
to conform to the presentation in the current period. Such reclassifications were not considered material.
 Principles of Consolidation
 The consolidated financial statements include
the accounts of the Company and its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. The wholly
owned subsidiaries of the Company are listed in Note 1 to the consolidated financial statements.
 The Company consolidated entities in which
it has a controlling financial interest based on either the variable interest entity (VIE) or voting interest model.
 Under the VIE model, a VIE is a reporting entity
that has (a) the power to direct the activities that most significantly impact the VIE's economic performance, and (b) the obligation
to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Currently, the Company
manages the mineral exploration program in the property concessions in Mexico through its wholly owned subsidiary corporation Minera Metalin.

 F- 9

 Use of Estimates
 The preparation of these consolidated financial
statements in conformity with GAAP requires management to make estimates based on assumptions about future events that affect the amounts
reported in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ
from those estimates. Estimates and assumptions are reviewed on an ongoing basis based on historical experience and other factors that
are considered to be relevant under the circumstances. Revisions to estimates and assumptions are accounted for prospectively.
 Significant areas involving the use of estimates
include determining the allowance for uncollectible taxes, evaluating recoverability of property concessions, evaluating impairment of
long-lived assets, evaluating recoverability of accounts receivable, calculating a valuation for warrant derivative liability and calculating
stock-based compensation.
 Cash and Cash Equivalents
 Cash and cash equivalents include all highly
liquid investments with an original maturity of three months or less at the date of purchase.
 Accounts Receivable
 Accounts Receivable consists of corporate costs
that are to be reimbursed by Bench Walk 23P, L.P., a Delaware limited partnership ("Bench Walk"), pursuant to the terms of
the Funding Agreement (Note 4). The Company anticipates full recovery of its current receivables within three months (Note 17).
 Property Concessions
 Property concession acquisition costs are capitalized
when incurred and will be amortized using the units of production method following the commencement of production. If a property concession
is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. To date, no
property concessions have reached the production stage.
 Acquisition costs include cash consideration
and the fair market value of shares issued on the acquisition of property concessions.
 Exploration Costs
 Exploration costs incurred are expensed to
the date of establishing that costs incurred are economically recoverable. Exploration expenditures incurred subsequent to the establishment
of economic recoverability are capitalized and included in the carrying amount of the related property. To date, the Company has not established
the economic recoverability of its exploration prospects; therefore, all exploration costs are being expensed.
 Office and Mining Equipment
 Property and equipment are recorded at cost
less accumulated depreciation and impairment losses. Assets under construction are depreciated when they are substantially complete and
available for their intended use, over their estimated useful lives. Repairs and maintenance of property and equipment are expensed as
incurred. Costs incurred to enhance the service potential of property and equipment are capitalized and depreciated over the remaining
useful life of the improved asset. Property and equipment are depreciated using the straight-line method over the estimated useful lives
of the related assets as follows:

 Mining equipment – five to 10 years

 Vehicles – four years

 Building and structures – 40 years

 Computer equipment and software – three years

 Well equipment – 10 to 40 years

 Office equipment – three to 10 years

 F- 10

 Impairment of Long-Lived Assets
 Management reviews and evaluates its long-lived
assets for impairment when events and changes in circumstances indicate that the related carrying amounts of its assets may not be recoverable.
Impairment is considered to exist if the future cash flows on an undiscounted basis are less than the carrying amount of the long-lived
asset. An impairment loss is measured and recorded based on the difference between book value and fair value of the asset group. In estimating
future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of cash
flows from other asset groups. In estimating future cash flows, the Company estimates the price that would be received to sell an asset
group in an orderly transaction between market participants at the measurement date. Significant factors that impact this price include
the price of silver and zinc, and general market conditions for exploration companies, among other factors.
 Income Taxes
 The Company follows the asset and liability
method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based on temporary
differences between the tax basis and accounting basis of the assets and liabilities measured using tax rates enacted at the balance sheet
date. The Company recognizes the tax benefit from uncertain tax positions only if it is at least "more likely than not" that
the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits
recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 % likelihood
of being realized upon settlement with the taxing authorities. This accounting standard also provides guidance on de-recognition, classification,
interest and penalties, accounting in interim periods and disclosure.
 A valuation allowance is recorded against deferred
tax assets if management does not believe that the Company has met the "more likely than not" standard imposed by this guidance
to allow recognition of such an asset. Management recorded a full valuation allowance at October 31, 2024 and 2023 against the deferred
tax assets as it determined that future realization would not meet the "more likely than not" criteria.
 Warrant Derivative Liability
 The Company accounts for its warrants as either
equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities
require separate accounting as liabilities are recorded on the Company's consolidated balance sheets at their fair value on the
date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes
in the fair value between reporting periods recorded as other income or expense. The Company has used the Black-Scholes pricing model
to fair value the warrants. Determining the appropriate fair-value model and calculating the fair value of warrants requires considerable
judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility of the
Company's common stock at the date of issuance, and at each subsequent reporting period, is based on the historical volatility adjusted
to reflect the implicit discount to historical volatilities observed in the prices of traded warrants. The risk-free interest rate is
based on rates published by the government for bonds with a maturity similar to the expected remaining life of the warrants at the valuation
date. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is expected
to be none as the Company has not paid dividends nor does the Company anticipate paying any dividend in the foreseeable future.
 The derivative is not traded in an active market,
and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated
financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that
are not quoted in an active market. All changes in the fair value are recorded in the consolidated statement of operations and comprehensive
loss each reporting period.
 Stock-Based Compensation
 The Company uses the Black-Scholes pricing
model as a method for determining the estimated fair value for all stock options awarded to employees, officers, directors and consultants.
The expected term of the options is based upon an evaluation of historical and expected future exercise behavior. The risk-free interest
rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the options at
the valuation date. Volatility is determined based upon historical volatility of the Company's stock and adjusted if future volatility
is expected to vary from historical experience. The dividend yield is assumed to be none as the Company has not paid dividends nor does
the Company anticipate paying any dividends in the foreseeable future. The Company uses the graded vesting attribution method to recognize
compensation costs over the requisite service period.
 The Company classifies cumulative compensation
cost associated with options on subsidiary equity as additional paid-in capital until exercise.

 F- 11

 Loss per Share
 Basic loss per share includes no dilution and
is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted
loss per share reflects the potential dilution of securities that could share in the earnings of an entity similar to fully diluted loss
per share. Although there were stock options and warrants in the aggregate of 12,538,788 shares and 10,013,788 shares outstanding at October 31,
2024 and 2023, respectively, they were not included in the calculation of loss per share because they would have been considered anti-dilutive.
 Foreign Currency Translation
 During the years ended October 31, 2024
and 2023, the functional currency of Silver Bull Resources, Inc. and its subsidiaries was the U.S. dollar.
 During the years ended October 31, 2024
and 2023, the Company's Mexican operations' monetary assets and liabilities with foreign source currencies were translated
into U.S. dollars at the period-end exchange rate and non-monetary assets and liabilities with foreign source currencies were translated
using the historical exchange rate. The Company's Mexican operations' revenue and expenses were translated at the average
exchange rate during the period except for depreciation of office and mining equipment, costs of office and mining equipment sold and
impairment of property concessions, all of which are translated using the historical exchange rate. Foreign currency translation gains
and losses of the Company's Mexican operations are included in the consolidated statement of operations.
 Accounting for Loss Contingencies and Legal
Costs
 From time to time, the Company is named as
a defendant in legal actions arising from its normal business activities. The Company records an accrual for the estimated loss from a
loss contingency when information available prior to issuance of its financial statements indicates that it is probable that a liability
has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Disclosure of a loss
contingency is made by the Company if there is at least a reasonable possibility that a loss has been incurred, and either an accrual
has not been made or an exposure to loss exists in excess of the amount accrued. In cases where only disclosure of the loss contingency
is required, either the estimated loss or a range of estimated loss is disclosed or it is stated that an estimate cannot be made. Legal
costs incurred in connection with loss contingencies are considered period costs and accordingly are expensed in the period services are
provided.
 Recent Accounting Pronouncements Adopted
in the Year
 Recent Accounting Pronouncements Adopted
in the Fiscal Year Ended October 31, 2024
 In November 2023, Silver Bull adopted the Financial
Accounting Standards Board's ("FASB") Accounting Standards Updated ("ASU") 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities' segment disclosures by requiring
disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each
reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures
of a reportable segment's profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for
public entities with a single reportable segment. The adoption did not have a significant impact on the Company's financial position,
results of operations or cash flows and disclosures.
 Recent Accounting Pronouncements Not Yet
Adopted
 In March 2024, the FASB issued ASU 2024-02,
Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Codification
that remove references to various FASB Concepts Statements. The effort facilitates Codification updates for technical corrections such
as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance and other minor improvements.
While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since
some entities could be affected. This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

 F- 12

 In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities' income tax disclosures by requiring
disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The
standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation
decisions. This ASU will be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective
basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact
of adopting this ASU on its consolidated financial statements and disclosures.
 Other recent accounting pronouncements issued
by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a significant impact on the Company's
present or future consolidated financial statements.

 NOTE
3 – ILLEGAL BLOCKADE OF SIERRA MOJADA PROPERTY AND ICSID ARBITRATION

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

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

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

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

 No portion of the equity value of the Company
was classified as temporary equity as the South32 Option had no intrinsic value. South32 paid $ 518,000 to the Company as a final payment
for the exploration costs incurred by the Company during the blockade, and the Company released South32 from all of claims as of the date
of termination.

 As of September 12, 2024, the blockade by Mineros
Norte os at, on and around the Sierra Mojada Property is ongoing, and the Company remains unable to access the Sierra Mojada Property.

 On March 2, 2023, the Company filed the NAFTA
Notice of Intent. The Company has been unable to access the project since the illegal blockade commenced in September 2019. Despite numerous
demands and requests for action by the Company, Mexican governmental agencies have allowed this unlawful conduct to continue and, as such,
failed to protect the Company's investment.

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

 On June 28, 2023, the Company commenced international
arbitration proceedings against Mexico under the United States-Mexico-Canada Agreement ("USMCA") and NAFTA (the "Arbitration").
The Arbitration was 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.

 On June 17, 2024, the Company filed its Memorial
submission with ICSID detailing the claim against Mexico as well as damages for the sum of $ 408 million. The Arbitration hearing is set
to commence in October 2025.

 The Company has engaged Boies Schiller Flexner
(UK) LLP as its legal advisers on the legacy NAFTA claim.

 NOTE
4 – ARBITRATION FINANCING

 On September 5, 2023, the Company entered into
a litigation funding agreement ("Funding Agreement" or the "LFA") with Bench Walk, a third party, which specializes
in funding litigation and arbitration claims. Under the terms of the LFA, Bench Walk has agreed to fund the Company with up to $ 9.5 million
to cover the Company's legal, tribunal and external expert costs and defined corporate operating expenses associated with the Arbitration
proceedings as a purchase of a contingent entitlement to damages.

 F- 13

 During the year ended October 31, 2024 and
2023, pursuant to the terms of the LFA, the Company received a reimbursement of corporate operating costs in the amount of $ 800,000 and
$ 96,740, respectively, from Bench Walk. Additionally, Bench Walk has made payments on the Company's behalf for legal and arbitration
costs totaling $ 1,416,545 during the year ended October 31, 2024 and accumulated legal and arbitration costs of $ 1,979,384 since September
2023. The Company continues to have complete control over the conduct of the international arbitration proceedings, insofar as the proceedings
relate to the Company's claims, and continues to have the right to settle with Mexico, discontinue proceedings, pursue the proceedings
to a merit hearing and take any action the Company considers appropriate to enforce the resulting arbitral award.

 The Company agreed that Bench Walk shall be
entitled to receive a share of any proceeds arising from the Claim (the "Claim Proceeds") of up to 3.5x Bench Walk's
capital outlay (or, if greater, a return of 1.0x Bench Walk's capital outlay plus 30 % of Claim Proceeds). The actual return to Bench
Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved.

 As security for Bench Walk's entitlement
to receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk a security interest in the Claim Proceeds, the
Claim, all documents of title pertaining to the Claim, rights under any appeal bond or similar instrument posted by any of the defendants
in the Claim, and all proceeds of any of the foregoing.

 During the fiscal year ended October 31, 2024
and 2023, the following is a summary of the Company's expenditures that have been incurred and reimbursed or are expected to be
reimbursed from Bench Walk (Note 17).

 2024

 2023

 Exploration and property holding costs

 $
 171,670

 $
 27,829

 Personnel

 234,230

 49,812

 Office and administrative

 196,389

 68,303

 Professional services

 149,691

 47,974

 Directors' fees

 86,155

 42,919

 Income taxes

 2,980

 —

 841,116

 236,837

 Changes for the year

 ( 659,903
)

 ( 96,740
)

 Accounts receivable

 $
 181,213

 $
 140,097

 Accounts receivable – October 31, 2022

 $

 —

 Expenditure incurred during the year ended October 31, 2023

 236,837

 Funding received

 ( 96,740
)

 Accounts receivable – October 31, 2023

 140,097

 Expenditure incurred during the year ended October 31, 2024

 841,116

 Funding received

 ( 800,000
)

 Accounts receivable – October 31, 2024

 $
 181,213

 NOTE 5 – DUE FROM RELATED PARTY

 As of October 31, 2024, due from related party
consists of $ 22,095 (October 31, 2023 - $ 57,853) due from Arras Minerals Corp. ("Arras") for shared employees' salaries
and office expenses. The Company and Arras have overlapping directors and officers. This amount is non-interest bearing and is to be repaid
on demand. During the fiscal year ended October 31, 2024 and 2023, expenses totaling $ 294,911 and $ 315,084, respectively, were incurred
by the Company on behalf of Arras.

 NOTE 6 – VALUE-ADDED TAX RECEIVABLE

 Value-added tax ("VAT") receivable
relates to VAT paid in Mexico. The Company estimates net VAT of $ 88,814 (2023 - $ 100,613) will be received and believes that it remains
legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts. While
the Company continues to pursue recovery from the Mexican government, the outcomes and process for recovering VAT can
be lengthy and unpredictable. The allowance for uncollectible VAT was estimated by management based upon several factors, including
the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and
estimated net recovery after commissions.

 F- 14

 A summary of the changes in the allowance for
uncollectible VAT for the fiscal years ended October 31, 2024 and 2023 is as follows:

 Allowance for uncollectible VAT – October 31, 2022

 $
 449,219

 Provision for uncollectible VAT

 44,713

 42,078

 Allowance for uncollectible VAT – October 31, 2023

 536,010

 Recovery of provision for uncollectible VAT

 ( 8,020
)

 ( 52,082
)

 Allowance for uncollectible VAT – October 31, 2024

 $
 475,908

 NOTE 7 – OFFICE AND MINING EQUIPMENT

 The following is a summary of the Company's
office and mining equipment at October 31, 2024 and 2023:

 2024

 2023

 Mining equipment

 $
 396,153

 $
 396,153

 Vehicles

 73,036

 92,873

 Buildings and structures

 185,724

 185,724

 Computer equipment and software

 75,304

 74,236

 Well equipment

 39,637

 39,637

 Office equipment

 47,597

 47,597

 817,451

 836,220

 Less: Accumulated depreciation

 ( 694,998
)

 ( 705,283
)

 Office and mining equipment, net

 $
 122,453

 $
 130,937

 During the year ended October 31, 2024 and
2023, the Company recorded a gain on sale of a vehicle of $ 16,134 and $ nil, respectively, which is included in miscellaneous income in
the consolidated statements of operations and comprehensive loss.

 NOTE 8 – PROPERTY CONCESSIONS

 The following is a summary of the Company's
property concessions in Sierra Mojada, Mexico as at October 31, 2024 and 2023:

 Property concessions – October 31, 2022

 $
 5,019,927

 Impairment

 ( 15,541
)

 Property concessions – October 31, 2023

 5,004,386

 Property concessions – October 31, 2024

 $
 5,004,386

 During
the fiscal year ended October 31, 2023, the Company decided to withdraw certain concession applications in Sierra Mojada, Mexico. As a
result, the Company has written off the capitalized property concession balance related to these concessions of $ 15,541 in accordance
with Level 3 of the fair value hierarchy.

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

 NOTE 9 – LOAN PAYABLE

 In June 2020, the Company received $ 29,531
($CDN 40,000) in the form of a Canada Emergency Business Account ("CEBA") loan. CEBA is part of the economic assistance program
launched by the Government of Canada to ensure that businesses had access to capital during the COVID-19 pandemic. The CEBA loan program
was increased, and in January 2021, the Company applied and qualified for an additional $ 15,615 ($CDN 20,000) CEBA loan.

 As at October 31, 2023, the total CEBA loan
amount stood at $CDN 60,000, with $CDN 20,000 forgivable if repaid by December 31, 2023. Additionally, the CEBA loan would accrue no interest
to December 31, 2023, and thereafter would convert to a three-year term loan with a 5 % annual interest rate.

 On December 8, 2023, the Company repaid $ 29,438
($CDN 40,000) of the CEBA loan, and pursuant to its terms, recognized $ 14,719 ($CDN 20,000) in miscellaneous income as forgiveness of
the remaining portion of the CEBA loan.

 As at October 31, 2024, the total CEBA loan
has been repaid.

 F- 15

 Loan payable – October 31, 2023

 $
 43,256

 Repayment

 ( 29,438
)

 Miscellaneous income

 ( 14,719
)

 Loan payable – October 31, 2024

 $
 —

 NOTE 10 – COMMON STOCK

 No shares of common stock were issued during
the year ended October 31, 2024.

 On October
30, 2023, the Company completed a private placement for 11,685,000 units at an issuance price of $CDN 0.11 per unit (the "$CDN 0.11
Unit") for gross proceeds of $ 929,786 ($CDN 1,285,350). Each $CDN 0.11 Unit consists of one share of the Company's common
stock and one half of one transferable common stock purchase warrant (each whole warrant, a "$CDN 0.13 Warrant"). Each
$CDN 0.13 Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.13 for a period of 60 months from
the closing of the private placement. The Company paid finders' fees totaling $ 14,210 to agents with respect to certain purchasers
who were introduced by these agents. In addition, the Company incurred other offering costs
of approximately $ 29,145. Of these costs $ 3,468 is included in warrant issuance costs in the consolidated statements of operations and
comprehensive loss.

 On March 9, 2023, the Company issued 625,000
shares of common stock at an average price of $ 0.14 per share as payment of accrued management bonuses in the amount of $ 88,411 ($CDN 121,875)
based on the closing trading price on the date of approval by the Company's board of directors.

 NOTE 11 – STOCK OPTIONS

 The Company has one stock option plan under
which equity securities are authorized for issuance to officers, directors, employees and advisors: the 2019 Stock Option and Stock Bonus
Plan (the "2019 Plan"). The 2019 Plan was amended on April 19, 2022 (the "Amended 2019 Plan"). Under the Amended
2019 Plan, 10 % of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses, to
a maximum of 15,000,000 shares.

 Options are typically granted with an exercise
price equal to the closing market price of the Company's stock at the date of grant, have a graded vesting schedule over two or
 three years and have a contractual term of five years.

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

 On March 2, 2023, the Company granted options
to acquire 150,000 shares of common stock with a weighted-average grant-date fair value of $ 0.07 per share and an exercise price of $CDN
 0.195 per share.

 No options were exercised during the years
ended October 31, 2024 and 2023.

 A summary of the range of assumptions used to value
stock options granted for the years ended October 31, 2024 and 2023 are as follows:

 Year Ended

 Options

 2024

 2023

 Expected volatility

 74 % – 78 %

 74 % – 81 %

 Risk-free interest rate

 4.12 % – 4.25 %

 3.83 % – 3.96 %

 Dividend yield

 —

 —

 Expected term (in years)

 2.50 – 3.50

 2.50 – 5.00

 The following is a summary of stock option
activity for the fiscal years ended October 31, 2024 and 2023:

 Options

 Shares

 Weighted Average Exercise Price ($CDN)

 Aggregate Intrinsic Value

 Outstanding at October 31, 2022

 3,193,750

 $
 0.34

 4.25

 $
 —

 Granted

 150,000

 0.195

 Cancelled

 ( 400,000)

 0.32

 Expired

 ( 643,750)

 1.71

 Outstanding at October 31, 2023

 2,300,000

 0.29

 3.37

 —

 Granted

 2,425,000

 0.16

 Outstanding at October 31, 2024

 4,725,000

 0.24

 3.16

 —

 Exercisable at October 31, 2024

 3,058,334

 $
 0.28

 2.76

 $
 —

 The Company recognized stock-based compensation
costs for stock options of $ 119,290 and $ 76,758 for the fiscal years ended October 31, 2024 and 2023, respectively. As of October 31,
2024, there remains $ 38,501 of total unrecognized compensation expense, which is expected to be recognized over a weighted average period
of 0.52 years.

 Summarized information about stock options
outstanding and exercisable at October 31, 2024 is as follows:

 Options Outstanding

 Options Exercisable

 Exercise Price ($CDN)

 Number Outstanding

 Weighted Average Exercise Price ($CDN)

 Number Exercisable

 Weighted Average Exercise Price ($CDN)

 $
 0.32

 2,150,000

 2.30

 $
 0.32

 2,150,000

 $
 0.32

 0.195

 150,000

 3.36

 0.195

 100,000

 0.195

 0.16

 2,425,000

 3.90

 0.16

 808,334

 0.16

 $
 0.28

 4,725,000

 3.16

 $
 0.28

 3,058,334

 $
 0.28

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

 Options Outstanding

 Options Exercisable

 Exercise Price

 Number Outstanding

 Weighted Average Exercise Price

 Number Exercisable

 Weighted Average Exercise Price

 $
 0.23

 2,150,000

 3.30

 $
 0.23

 1,433,333

 $
 0.23

 0.14

 150,000

 4.37

 0.14

 50,000

 1.26

 F- 16

 NOTE 12 – WARRANTS

 No warrants were issued or exercised during
the year ended October 31, 2024.

 During the year ended October 31, 2023, the
Company issued 5,842,499 warrants with an exercise price of $CDN 0.13 in connection with the $CDN 0.11 Unit private placement (Note 10).
The fair value of the warrants issued in the $CDN 0.11 Unit private placement was determined to be $ 78,263 based on the Black-Scholes
pricing model using a risk-free interest rate of 4.80 %, expected volatility of 40.77 %, dividend yield of 0 %, and a contractual term of
five years adjusted for the liquidity of the Company's common stock and resale restrictions on the shares to be received on exercise
of the warrants.

 No warrants were exercised during the year
ended October 31, 2023.

 A summary of warrant activity for the fiscal
years ended October 31, 2024 and 2023 is as follows:

 Warrants

 Shares

 Weighted Average Exercise Price

 Aggregate Intrinsic Value

 Outstanding and exercisable at October 31, 2022*

 1,971,289

 $
 0.59

 2.99

 $
 —

 Issued in the $CDN 0.13 Unit private placement (Note 10)

 5,842,499

 0.11

 5.00

 —

 Outstanding and exercisable at October 31, 2024 and 2023

 7,813,788

 $
 0.23

 3.24

 $
 —

 * Pursuant to the Distribution, 1,971,289 warrants
with a weighted average exercise price of $ 0.59 are exercisable into one share of common stock of the Company and one common share of
Arras. The Company will receive $ 0.34 of the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid
to Arras.

 Summarized information about warrants outstanding
and exercisable at October 31, 2024 is as follows:

 Warrants Outstanding and Exercisable

 Exercise Price

 Outstanding

 Weighted Average Exercise Price

 $
 0.59

 1,971,289

 1.99

 $
 0.59

 0.10 *

 5,842,499

 5.00

 0.10

 $
 0.23

 7,813,788

 4.24

 $
 0.23

 * The Company's $CDN warrants have been
recognized as a derivative liability. The following is a summary of the Company's warrant derivative liability at
October 31, 2024 and 2023:

 Warrant derivative liability at October 31, 2022

 $

 —

 Warrants issued in $CDN 0.11 Unit private placement

 78,263

 Change in fair value of warrant derivative liability

 ( 215
)

 Warrant derivative liability at October 31, 2023

 $
 78,088

 Change in fair value of warrant derivative liability

 11,090

 Warrant derivative liability at October 31, 2024

 $
 89,580

 The fair value of the warrants issued in the
CDN$ 0.11 Unit private placement was revalued to be $ 89,580 based on the Black-Scholes pricing model using a risk-free interest rate of
 4.135 %, expected volatility of 39.43 %, dividend yield of 0 %, and a contractual term of 4.00 years adjusted for the liquidity of the Company's
common stock to be received on exercise of the warrants as of October 31, 2024.

 The Company has reclassified derivative warrant
liabilities of $ 78,088 on the statement of financial position as at October 31, 2023 to conform to the current period's presentation.
The change in presentation had no impact on net and comprehensive loss, or cash flows, or loss per share for the years ended October 31,
2024, or October 31, 2023. The change in presentation had no impact on total assets, total liabilities or shareholders equity as at October
31, 2024

 NOTE 13 – INCOME TAXES

 Provision for Taxes

 The Tax Act was signed into law on December 22,
2017 and the Tax Act required the Company to use a statutory tax rate of 21 % for the years ended October 31, 2024 and 2023.

 The Company files a United States federal income
tax return and a Canadian branch return on a fiscal year-end basis and files Mexican income tax returns for its two Mexican subsidiaries
on a calendar year-end basis. The Company and two of its wholly owned subsidiaries, Minera Metalin and Minas, have not generated taxable
income since inception.

 Contratistas, another wholly owned Mexican
subsidiary, has historically generated taxable income based upon intercompany fees billed to Minera Metalin on the services it provides.
On August 26, 2021, Contratistas merged with and into Minera Metalin.

 F- 17

 On April 16, 2010, a wholly owned subsidiary
of the Company was merged with and into Dome, resulting in Dome becoming a wholly owned subsidiary of the Company. Dome, a Delaware corporation,
files a tax return in the United States as part of the Company's consolidated tax return.

 The components of loss before income taxes
were as follows:

 For the year ended

 2024

 2023

 United States

 $
 ( 40,000
)

 $
 ( 871,000
)

 Foreign

 ( 129,000
)

 ( 380,000
)

 Loss before income taxes

 $
 ( 169,000
)

 $
 ( 1,251,000
)

 The components of the provision for income
taxes are as follows:

 For the year ended

 2024

 2023

 Current tax expense

 $
 1,055

 $
 2,217

 Deferred tax expense

 —

 —

 $
 1,055

 $
 2,217

 The Company's provision for income taxes
for the fiscal year ended October 31, 2024 consisted of a tax expense of $ 1,055 (2023 - $ 2,217) related to a provision for income
taxes for the Silver Bull Canadian branch return for the fiscal year ended October 31, 2024.

 The reconciliation of the provision for income
taxes computed at the U.S. statutory rate to the provision for income tax as shown in the statement of operations and comprehensive loss
is as follows:

 For the year ended

 2024

 2022

 Income tax benefit calculated at U.S. federal income tax rate

 $
 ( 35,000
)

 $
 ( 263,000
)

 Differences arising from:

 Other permanent differences

 57,000

 187,000

 Differences due to foreign income tax rates

 ( 26,000
)

 ( 34,000
)

 Adjustment to prior year taxes

 153,000

 269,000

 Inflation adjustment foreign net operating loss

 ( 51,000
)

 ( 363,000
)

 Foreign currency fluctuations

 10,000

 ( 320,000
)

 Decrease in valuation allowance

 ( 589,000
)

 ( 831,000
)

 Net operating loss carry forwards expiration - Mexico

 484,000

 1,359,000

 Other

 ( 2,000
)

 ( 2,000
)

 Net income tax provision

 $
 1,000

 $
 2,000

 F- 18

 The components of the deferred tax assets at
October 31, 2024 and 2023 were as follows:

 For
 the year ended October 31,

 2024

 2023

 Deferred tax assets:

 Net operating loss carry forwards – U.S.

 $
 5,155,000

 $
 5,146,000

 Net operating loss carry forwards – Mexico

 2,080,000

 2,806,000

 Exploration costs

 1,046,000

 1,109,000

 Other – United States

 21,000

 103,000

 Other – Mexico

 90,000

 24,000

 Total net deferred tax assets

 8,392,000

 9,188,000

 Less: valuation allowance

 ( 8,392,000
)

 ( 9,188,000
)

 Net deferred tax asset

 $
 —

 $
 —

 At October 31, 2024, the Company has U.S.
net operating loss carry-forwards of approximately $ 19 million that expire in the years 2028 through 2037 and $ 5 million which will be
carried forward indefinitely. The Company has approximately $ 3 million of net operating loss carry-forwards in Mexico that expire in the
calendar years 2024 through 2033.

 The valuation allowance for deferred tax assets
of $ 8.4 million and $ 9.2 million at October 31, 2024 and 2023, respectively, relates principally to the uncertainty of the utilization
of certain deferred tax assets, primarily net operating loss carry forwards in various tax jurisdictions. The Company continually assesses
both positive and negative evidence to determine whether it is more likely than not that the deferred tax assets can be realized prior
to their expiration. Based on the Company's assessment, it has determined that the deferred tax assets are not currently realizable.

 Net Operating Loss Carry Forward Limitation

 For U.S. federal income tax purposes, a change
in ownership under IRC Section 382 has occurred as a result of the Dome merger in April 2010. When an ownership change has occurred, the
utilization of these losses against future income would be subject to an annual limitation, which would be equal to the value of the acquired
company immediately prior to the change in ownership multiplied by the IRC Section 382 rate in effect during the month of the change.

 Accounting for Uncertainty in Income Taxes

 During the fiscal years ended October 31,
2024 and 2023, the Company has not identified any unrecognized tax benefits or had any additions or reductions in tax positions and therefore
a reconciliation of the beginning and ending amount of unrecognized tax benefits is not presented.

 The Company does not have any unrecognized tax benefits as of October 31,
2024, and accordingly the Company's effective tax rate will not be materially affected by unrecognized tax benefits

 The following tax years remain open to examination
by the Company's principal tax jurisdictions:

 United States:
 2020 and all following years

 Mexico:
 2019 and all following years

 Canada:
 2020 and all following years

 The Company has not identified any uncertain
tax position for which it is reasonably possible that the total amount of unrecognized tax benefit will significantly increase or decrease
within the next 12 months.

 The Company's policy is to classify tax
related interest and penalties as income tax expense. There is no interest or penalties estimated on the underpayment of income taxes
as a result of unrecognized tax benefits.

 NOTE
14 – FINANCIAL INSTRUMENTS

 Fair Value Measurements

 All financial assets and financial liabilities
are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable
to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs
adjust the carrying amount.

 F- 19

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

 Level 1

 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

 Level 2

 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

 Level 3

 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 Under fair value accounting, assets and liabilities
are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's
financial instruments consist of cash and cash equivalents, accounts receivable, due from related party, investments, accounts payable,
loan payable and warrant derivative liability.

 The carrying amounts of cash and cash equivalents,
accounts receivable, due from related party and accounts payable approximate fair value at October 31, 2024 and 2023 due to the
short maturities of these financial instruments. Loan payable is classified as Level 2 in the fair value hierarchy. There were not transfers
between levels 1, 2 and 3 during the years ended October 31, 2024 and 2023.

 Warrant Derivative Liability

 The Company accounts for its warrants as either
equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities
require separate accounting as liabilities are recorded on the Company's consolidated balance sheets at their fair value on the
date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any
changes in the fair value between reporting periods recorded as other income or expense. The Company has used the Black-Scholes pricing
model to fair value the warrants (Note 12). Determining the appropriate fair-value model and calculating the fair value of warrants requires
considerable judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility
of the Company's common stock at the date of issuance, and at each subsequent reporting period, is based on the historical volatility
adjusted to reflect the implicit discount to historical volatilities observed in the prices of traded warrants. The risk-free interest
rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the warrants at
the valuation date. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield
is expected to be none as the Company has not paid dividends nor does the Company does not anticipate paying any dividend in the foreseeable
future.

 The derivative is not traded in an active market,
and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated
financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that
are not quoted in an active market. All changes in the fair value are recorded in the consolidated statement of operations and comprehensive
loss each reporting period. This is considered to be a Level 3 financial instrument.

 The Company has the following liabilities under the
fair value hierarchy:

 October
 31, 2024

 Liability

 Level

 Level

 Level

 Warrant derivative liability

 $
 —

 $
 —

 $
 89,580

 Credit Risk

 Credit risk is the risk that the counterparty
to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to
credit risk on financial assets, the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate
minimum acceptable credit worthiness.

 The Company maintains its U.S. dollar and $CDN
cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits
held in Canada are insured by the Canada Deposit Insurance Corporation ("CDIC") for up to $CDN 100,000. Certain Canadian bank
accounts held by the Company exceed these federally insured limits or are uninsured as they related to U.S. dollar deposits held in Canadian
financial institutions. As of October 31, 2024 and 2023, the Company's cash and cash equivalent balances held in Canadian financial
institutions included $ 413,780 and $ 913,397, respectively, which was not insured by the CDIC. The Company has not experienced any losses
on such accounts and management believes that using major financial institutions with high credit ratings mitigates the credit risk in
cash and cash equivalents.

 F- 20

 As at October 31, 2024 and 2023, cash and cash
equivalents consist of guaranteed investment certificates of $ 17,390 and $ 3,172, respectively, held in bank accounts.

 The Company also maintains cash in bank accounts
in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of October 31, 2024 and 2023, the
U.S. dollar equivalent balance for these accounts was $ 69,093 and $ 23,183, respectively. As of October 31, 2024, a cash balance of $ 69,093
($MXN 1,389,737) was subject to seizure by the Mexican government due to a dispute over certain years' VAT and corporate tax.

 Other receivables, accounts receivable and
due from related party comprise receivable from GST refunds, Bench Walk and a related party. Receivable balances are monitored on an ongoing
basis with the result that the Company's exposure to impairment is not significant. At October 31, 2024 and 2023, none of the Company's
receivables are impaired. All receivables are normally settled between 30 to 90 days.

 Liquidity Risk

 Liquidity risk is the risk that the Company
will be unable to meet its financial obligations as they fall due. The Company's approach to managing its liquidity risk is to ensure,
as much as possible, that it will have sufficient liquid funds to meet its liabilities when due.

 At October 31, 2024, the Company has $ 545,961
(2023 - $ 1,008,507) of cash and cash equivalents to settle current liabilities of $ 467,916 (2023- $ 900,423). All payables classified as
current liabilities are due within one year.

 Interest Rate Risk

 The Company holds substantially all of the
Company's cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received
on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the
fiscal year ended October 31, 2024, a 1 % decrease in interest rates would have resulted in a reduction in interest income for the
period of approximately $ 3,000.

 Foreign Currency Exchange Risk

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

 Based on the net exposures as at October 31,
2024, a 5 % depreciation or appreciation of the $CDN and $MXN against the U.S. dollar would result in an increase/decrease of approximately
$ 60,000 in the Company's net income.

 NOTE 15 – COMMITMENTS AND CONTINGENCIES

 Compliance with Environmental Regulations

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

 Property Concessions Mexico

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

 Royalty

 The Company
has agreed to pay a 2 % net smelter return royalty on certain property concessions within the Sierra Mojada Property based on the revenue
generated from production. Total payments under this royalty are limited to $ 6.875 million (the "Royalty"). To date, no royalties
have been paid.

 F- 21

 Litigation and Claims

 Mineros Norte os Case

 On
May 20, 2014, Mineros Norte os filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua,
Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development
of the Sierra Mojada Property. Mineros Norte os sought payment of the Royalty, including interest at a rate of 6 % per annum since
August 30, 2004, even though no revenue has been produced from the applicable mining concessions. It also sought payment of wages
to the cooperative's members since August 30, 2004, even though none of the individuals were hired or performed work for Minera
Metalin under this agreement and Minera Metalin did not commit to hiring them. On January 19, 2015, the case was moved to the Third
District Court (of federal jurisdiction). On October 4, 2017, the court ruled that Mineros Norte os was time barred from bringing
the case. On October 19, 2017, Mineros Norte os appealed this ruling. On July 31, 2019, the Federal Appeals Court upheld
the original ruling. This ruling was subsequently challenged by Mineros Norte os and on January 24, 2020, the Federal Circuit
Court ruled that the Federal Appeals Court must consider additional factors in its ruling. In March 2020, the Federal Appeals Court upheld
the original ruling after considering these additional factors. In August 2020, Mineros Norte os appealed this ruling, which appeal
the Company timely responded and objected to on October 5, 2020. On March 26, 2021, the Federal Circuit Court issued a final and
conclusive resolution, affirming the Federal Appeals Court decision. Despite the judgments in favour of the Company, Mineros Norte os
has continued to block access to the facilities at Sierra Mojada since September 2019. The Company has filed criminal complaints
with the State of Coahuila, federal and state authorities have been contacted to intervene and terminate the blockade, and the Company
has attempted to negotiate with Mineros Norte os, without resolution to date. The Company has not accrued any amounts in its consolidated
financial statements with respect to this claim.

 ICSID Arbitration

 On
March 2, 2023, the Company filed the NAFTA Notice of Intent (Note 3). As is required by Article 1118 of NAFTA, the Company sought
to settle this dispute with Mexico through consultations. On May 30, 2023, the Company attended a meeting with Mexican government officials
in Mexico City, but, notwithstanding the Company's good faith efforts to resolve the dispute amicably, no settlement was reached.
Accordingly, the Company filed a request for arbitration with ICSID on June 28, 2023. On July 20, 2023, ICSID registered the request.
On June 17, 2024, the Company filed its Memorial submission with ICSID detailing the claim against Mexico as well as damages for the sum
of $ 408 million. The Arbitration hearing is set to commence in October 2025.

 As
Arbitration proceedings are in early stages, the Company cannot determine the likelihood of succeeding in collecting any amount, as such
has not accrued any amounts in the consolidated financial statements with respect to this claim.

 Valdez Case

 On February 15,
2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, "Valdez") filed an action before the
Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera
Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $ 5.9
million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various
defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent
to such payment obligations were never satisfied by Valdez. The Company and the Company's Mexican legal counsel asserted all applicable
defenses. In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting the Company of all of the plaintiff's
claims and demands. However, due to a technicality in an early procedural act, Valdez was allowed to, and did, challenge the judgment
before a local Appeals Court. On October 1, 2020, the Appeals Court entered a resolution overturning the previous judgment and entering
a resolution in favor of Valdez in the amount of $ 5 million, plus court costs. In November 2020, the judgment of the Appeals Court was
timely challenged by the Company by means of an "Amparo" lawsuit (Constitutional protection) before a Federal Circuit Court.
In June 2021, the Federal Circuit Court ruled in favour of the plaintiff. The Company believes these judgments are contrary to applicable
law. The plaintiff initiated proceedings to enforce the Appeals Court resolution, and the Company has offered a mining concession as payment
in full to terminate this controversy definitively. The Company believes the likelihood of the plaintiff succeeding in collecting any
amount on this claim is remote, as such the Company has not accrued any amounts in its consolidated financial statements with respect
to this claim.

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

 F- 22

 Arbitration Financing

 On
September 5, 2023, the Company entered into the LFA with Bench Walk (Note 4). Under the terms of the LFA, Bench Walk has agreed to fund
the Company with up to $ 9.5 million to cover the Company's legal, tribunal and external expert costs and defined corporate operating
expenses associated with the Claim in relation to the international arbitration proceedings as a purchase of a contingent entitlement
to damages. The Company continues to have complete control over the conduct of the international arbitration proceedings, insofar as the
proceedings relate to the Company's claims, and continues to have the right to settle with the respondent, discontinue proceedings,
pursue the proceedings to trial and take any action the Company considers appropriate to enforce judgment.

 The
Company agreed that Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim Proceeds of up to 3.5x Bench
Walk's capital outlay (or, if greater, a return of 1.0x Bench Walk's capital outlay plus 30 % of Claim Proceeds). The actual
return to Bench Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved.

 As
security for Bench Walk's entitlement to receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk
a security interest in the Claim Proceeds, the Claim, all documents of title pertaining to the Claim, rights under any appeal bond or
similar instrument posted by any of the defendants in the Claim, and all proceeds of any of the foregoing.

 Management Retention Agreement and Salaries

 The Company has established
a Management Retention Agreement (the "MRA"), which is a long-term incentive program to retain key personnel of the Company
who have important historical information and knowledge to contribute with respect to the Arbitration. The MRA provides that if the Company
is successful and the Company receives damages proceeds, 12 % of the net proceeds will be directed to the MRA for distribution to its participants.
Each participant must satisfy specific Arbitration related duties and if they do so, each participant may be entitled to a pre-defined
percentage of the proceeds received by the MRA. The Toronto Stock Exchange (the "TSX") and the Company's disinterested
shareholders have approved of the MRA as of the date of Silver Bull's 2024 annual meeting of shareholders in April 2024.

 Additionally, management
of the Company has agreed to defer a portion of its salaries, as well as an annual bonuses granted, with the deferred amounts only being
paid in the event that the Company is successful in its Arbitration proceedings and the Company having sufficient funds to pay the deferred
amounts after discharging amounts owed to priority creditors, such as Bench Walk. Deferred amounts owed to management will accrue
interest at a rate of 6 % per annum, compounded annually. As of October 31, 2024, the deferred salary and bonus amounts, with accrued interest
is approximately $ 444,000.

 As the outcome of
the ICSID arbitration is not determinable as at October 31, 2024, no expense has been recorded in relation to the above.

 NOTE 16 – SEGMENT INFORMATION

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

 Geographic information is approximately as
follows:

 For the Year Ended

 2024

 2023

 Net loss

 Mexico

 $
 ( 127,000
)

 $
 ( 404,000
)

 Kazakhstan

 ( 2,000
)

 ( 3,000
)

 Canada

 ( 40,000
)

 ( 844,000
)

 Net Loss

 $
 ( 169,000
)

 $
 ( 1,251,000
)

 F- 23

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

 Canada

 Mexico

 Total

 Cash and cash equivalents

 $
 477,000

 $
 69,000

 $
 546,000

 Other receivables

 2,000

 —

 2,000

 Accounts receivables

 181,000

 —

 181,000

 Prepaid expenses and deposits

 40,000

 5,000

 45,000

 Due from related party

 22,000

 —

 22,000

 Value-added tax receivable, net

 —

 89,000

 89,000

 Office and mining equipment, net

 —

 122,000

 122,000

 Property concessions

 —

 5,004,000

 5,004,000

 $
 722,000

 $
 5,289,000

 $
 6,011,000

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

 Canada

 Mexico

 Total

 Cash and cash equivalents

 $
 985,000

 $
 23,000

 $
 1,008,000

 Other receivables

 6,000

 —

 6,000

 Accounts receivables

 140,000

 —

 140,000

 Prepaid expenses and deposits

 40,000

 5,000

 45,000

 Due from related party

 58,000

 —

 58,000

 Value-added tax receivable, net

 —

 101,000

 101,000

 Office and mining equipment, net

 —

 131,000

 131,000

 Property concessions

 —

 5,004,000

 5,004,000

 $
 1,229,000

 $
 5,264,000

 $
 6,493,000

 The Company has significant assets in Coahuila,
Mexico. Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt
the Company's operations. The Mexican government does not require foreign entities to maintain cash reserves in Mexico.

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

 For the Year Ended

 2024

 2023

 Exploration and property holding costs for the year

 Mexico

 $
 ( 194,000
)

 $
 ( 329,000
)

 Kazakhstan

 ( 2,000
)

 ( 3,000
)

 $
 ( 196,000
)

 $
 ( 332,000
)

 NOTE 17 – SUBSEQUENT EVENTS

 On January 21, 2025, the Company received
an additional payment of $ 200,000 from Bench Walk.

 F- 24

 BC Pursuant to the Distribution, 1,971,289 warrants with a weighted average exercise price of $0.59 are exercisable into one share of common stock of the Company and one common share of Arras. The Company will receive $0.34 of the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid to Arras.
 The Company's $CDN warrants have been recognized as a derivative liability. The following is a summary of the Company's warrant derivative liability at October 31, 2024:
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