Silver Bull Resources Reports Improved Financial Results, Decreased Cash Reserves, and Ongoing Litigation Funding Agreement

Silver Bull Resources, Inc. reported its financial results for the three and nine months ended July 31, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. The company continues to operate in the exploration stage, focusing primarily on the Sierra Mojada Property in Coahuila, Mexico, and has not generated any revenue since its inception in November 1993.

As of July 31, 2024, the company had cash and cash equivalents of $303,561, a notable decrease from $1,008,507 as of October 31, 2023. Total current assets also declined to $757,051 from $1,256,779, while total assets decreased to $5,980,605 from $6,492,715. Current liabilities were reduced to $370,757 from $822,335, contributing to a slight decrease in total stockholders’ equity, which stood at $5,502,233 compared to $5,592,292 in the prior period.

For the three months ended July 31, 2024, Silver Bull reported a net income of $21,134, a significant improvement from a net loss of $476,478 in the same period of 2023. This positive shift was attributed to a $17,000 decrease in exploration and property holding costs, a $391,000 reduction in general and administrative expenses, and a $58,000 increase in other income. Exploration and property holding costs for the quarter were $86,227, down from $125,340 in the previous year. General and administrative expenses also saw a substantial decline, totaling $(45,798) compared to $353,272 in the prior year.

For the nine months ended July 31, 2024, the company reported a net loss of $190,738, a significant reduction from a net loss of $1,300,141 for the same period in 2023. The decrease in net loss was driven by a $133,000 reduction in exploration and property holding costs and a $912,000 decrease in administrative expenses. Total exploration and property holding costs for the nine months were $305,677, up from $277,955 in the previous year, while general and administrative expenses fell to $74,132 from $986,214.

Strategically, the company has entered into a litigation funding agreement with Bench Walk Advisors LLC for up to $9.5 million to cover legal and arbitration costs related to ongoing disputes concerning the Sierra Mojada Property. The company is pursuing international arbitration against the United Mexican States, claiming damages of $408 million due to unlawful expropriation and treatment related to the property. The arbitration hearing is scheduled for October 2025.

Overall, Silver Bull Resources continues to navigate financial challenges while focusing on its exploration activities and legal proceedings, with management actively seeking additional financing to support operations.