When using the terms "Silver Bull," or the "Company," management is referring to
Silver Bull Resources, Inc. and its subsidiaries, unless the context otherwise
requires. Management has included technical terms important to an understanding
of the Company's business under "Glossary of Common Terms" in its Annual Report
on Form 10-K for the fiscal year ended October 31, 2021.
Cautionary Statement Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q includes certain statements that may be
deemed to be "forward-looking statements" within the meaning of the Securities
Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and the U.S. Private Securities
Litigation Reform Act of 1995, and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Management uses words
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. Forward-looking statements include
statements we make regarding:
• The sufficiency of the Company's existing cash resources to enable it to
continue operations for the next 12 months as a going concern;
• Prospects of entering the development or production stage with respect to any
of the Company's projects;
• Planned activities at the Sierra Mojada Project in 2022 and beyond;
• Whether any part of the Sierra Mojada Project will ever be confirmed or
converted into "proven or probable mineral reserves" as defined under Item 1300
of Regulation S-K;
• The requirement of additional power supplies for the Sierra Mojada Project if a
mining operation is determined to be feasible;
• The Company's ability to obtain and hold additional concessions in the Sierra
Mojada Project areas;
• The timing, duration and overall impact of the COVID-19 pandemic on the
Company's business;
• 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 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
activities;
• The ability to raise additional capital and/or pursue additional strategic
options, and the potential impact on the 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 goodwill and likelihood of further impairment of other
long-lived assets;
22
• 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 inMexico; 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 us in
light of management's 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 the 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 the Company's Annual Report on
Form 10-K for the fiscal year ended October 31, 2021, including without
limitation, risks associated with the following:
• Termination of the South32 Option Agreement;
• The ability to obtain additional financial resources on acceptable terms to (i)
conduct exploration activities and (ii) maintain general and administrative
expenditures at acceptable levels;
• The ability to acquire additional mineral properties or property concessions;
• Results of future exploration at the Sierra Mojada Project;
• 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;
• Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home
orders, quarantine policies and restrictions on travel, trade and business
operations;
• The amount and nature of future capital and exploration expenditures;
• Volatility in the Company's stock price;
• The 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 our activities;
• The ability to retain key management, consultants and experts necessary to
successfully operate and grow the 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, management 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. Readers should not place
undue reliance on these forward-looking statements.
23
Cautionary Note Regarding Exploration Stage Companies
Silver Bull is an exploration stage company and does not currently have any
known reserves and cannot be expected to have reserves unless and until a
feasibility study is completed for the Sierra Mojada concessions that shows
proven and probable reserves. There can be no assurance that these concessions
contain proven and probable reserves, and investors may lose their entire
investment. See the sections titled "Risk Factors" in this Form 10-Q and in our
Annual Report on Form 10-K for the fiscal year ended October 31, 2021.
Business Overview
Silver Bull, incorporated in Nevada, is an exploration stage company, engaged in
the business of mineral exploration, and its primary objective is to define
sufficient mineral reserves on the Sierra Mojada Property to justify the
development of a mechanized mining operation. The Company conducts its
operations in Mexico through its wholly-owned Mexican subsidiaries, Minera
Metalin S.A. de C.V. ("Minera Metalin") and Minas de Coahuila SBR S.A. de C.V.
On August 26, 2021, the wholly-owned Mexican subsidiary, Contratistas de Sierra
Mojada S.A. de C.V. ("Contratistas") merged with and into Minera Metalin. As
noted above, the Company has not established any reserves at the Sierra Mojada
Property, and it is in the exploration stage, and may never enter the
development or production stage.
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 Parent (the
"Copperbelt Sub," and together with Copperbelt Parent, "Copperbelt"), pursuant
to which it had the exclusive right and option (the "Beskauga Option") to
acquire Copperbelt's right, title and 100% interest in the Beskauga property
located in Kazakhstan (the "Beskauga Property"), 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, the Company
transferred its right, title and interest in and to the Beskauga Option
Agreement, among other things, to Arras in exchange for 36,000,000 common shares
of 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"), and Arras became a
stand-alone company. The financial results of Arras have been included in the
Company's consolidated statement of operations for the period from February 5,
2021 to September 24, 2021, the date of the Distribution.
Silver Bull's principal office is located at 777 Dunsmuir Street, Suite 1605
Vancouver, BC, Canada V7Y 1K4, and the telephone number is 604-687-5800.
Recent Developments
South32 Option Agreement
On June 1, 2018, Silver Bull and its 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 its subsidiary Minera Metalin issued a
notice of force majeure to South32 pursuant to the South32 Option Agreement. Due
to a blockade by a cooperative of local miners called Sociedad Cooperativa de
Exploración Minera Mineros Norteños, S.C.L. ("Mineros Norteños"), the Company
halted all work on the Sierra Mojada Property. The notice of force majeure was
issued because of the blockade's impact on the ability of the Company and its
subsidiary Minera Metalin 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.
24
On August 31, 2022, the South32 Option Agreement was mutually terminated by
South32 and the Company.
As of September 12, 2022, the blockade by Mineros Norteños at, on and around the
Sierra Mojada Property is ongoing.
Goodwill and possible other long-lived assets Impairment
Goodwill represents the excess, at the date of acquisition, of the purchase
price of the business acquired over the fair value of the net tangible and
intangible assets acquired. Due to a sustained decrease in the value of Silver
Bull common stock as a result of the continued blockade at the Sierra Mojada
Property, management concluded that this constituted an indication of impairment
of goodwill. On April 30, 2022, management performed a qualitative assessment to
determine whether it is more likely than not that the fair value of the
reporting unit is less than its carrying amount. Based on this assessment,
management determined it is more likely than not that the fair value of the
reporting unit is less than its carrying amount, and recorded a goodwill
impairment of $2,058,031 during the nine months period ended July 31, 2022. If
the blockade at Sierra Mojada Property continues and the Company's share price
remains depressed, then further impairment of other long-lived assets such as
property concessions is possible.
Properties Concessions and Outlook
Sierra Mojada Property
The focus of the remainder of the 2022 calendar year at the Sierra Mojada
Property is to resolve the blockade and to maintain the Company's property
concessions in Mexico. Upon resolution of the blockade, management will prepare
an updated exploration program.
Resultsof Operations
Three Months Ended July 31, 2022 and July 31, 2021
For the three months ended July 31, 2022, the Company had a net loss of $15,000,
or approximately $nil per share, compared to a net loss of $1,160,000, or
approximately $0.03 per share, during the comparable period last year. The
$1,145,000 decrease in net loss was primarily due to a $330,000 decrease in
exploration and property costs and a $504,000 decrease in general and
administrative expense compared to the comparable period last year and $304,000
in other income for the three months ended July 31, 2022, compared to $8,000 in
other expenses in the comparable period last year as described below.
Exploration and Property Holding Costs
Exploration and property holding costs decreased $330,000 to $110,000 for the
three months ended July 31, 2022, compared to $440,000 for the comparable period
last year. This decrease was the result of a $330,000 decrease in exploration
and holding costs incurred in connection with the Beskauga Option Agreement in
the comparable period last year. There were no comparable expenses in the
current three-months period as the Company no longer holds the Beskauga Option
Agreement.
General and Administrative Expenses
General and administrative expenses of $207,000 were recorded for the three
months ended July 31, 2022 as compared to $711,000 for the comparable period
last year. The $504,000 decrease was mainly the result of a $105,000 decrease in
personnel costs, a $36,000 decrease in office and administrative costs, a
$303,000 decrease in professional services and a $64,000 decrease in directors'
fees, which was offset by a $2,000 provision for uncollectible VAT for the three
months end July 31, 2022, compared to a $1,000 recovery of uncollectible VAT for
the comparable period last year as described below. In addition, the general and
administrative expenses included the costs of Arras in the comparable period
last year.
25
Stock-based compensation was a factor in the fluctuations in general and
administrative expenses. Overall stock-based compensation included in general
and administrative expense decreased to $53,000 for the three months ended July
31, 2022 from $100,000 for the comparable period last year. This was mainly due
to stock options granted to the Company's employees, directors and advisors in
the three months ended July 31, 2022 compared to Arras' stock options granted to
Arras' employees, directors and advisors in the comparable period last year
while Arras was being consolidated by the Company.
Personnel costs decreased $105,000 to $88,000 for the three months ended July
31, 2022 as compared to $193,000 for the comparable period last year. This
decrease was mainly due to a decrease in employees' salaries to $44,000 in the
three months ended July 31, 2022 from $135,000 in the comparable period last
year as the comparable period included the personnel costs related to Arras.
Additionally, a $10,000 decrease in stock-based compensation expenses in the
three months ended July 31, 2022 from $51,000 in the comparable period last year
as a result of stock options vesting in the three months ended July 31, 2022
having a lower fair value than stock options vesting in the comparable period
last year.
Office and administrative costs decreased $36,000 to $61,000 for the three
months ended July 31, 2022 as compared to $97,000 for the comparable period last
year. This decrease was primarily due to decreased investor relations
activities, which in the prior period were incurred in relation to the planned
distribution of Arras shares to Silver Bull shareholders.
Professional fees decreased $303,000 to $18,000 for the three months ended July
31, 2022 compared to $321,000 for the comparable period last year. This decrease
is mainly due to legal and accounting fees incurred in relation to the
incorporation of Arras and the planned distribution of Arras shares in the
comparable period last year.
Directors' fees decreased $64,000 to $37,000 for the three months ended July 31,
2022 as compared to $101,000 for the comparable period last year. This decrease
was primarily due to a $27,000 decrease in director fees and decrease in
stock-based compensation expense to $12,000 in the three months ended July 31,
2022 from $49,000 in the comparable period last year as a result of stock
options vesting in the three months ended July 31, 2022 having a lower fair
value than stock options vesting in the comparable period last year.
A $2,000 provision for uncollectible VAT was recorded for the three months ended
July 31, 2022, compared to a $1,000 recovery of uncollectible VAT for the
comparable period last year. The allowance for uncollectible VAT 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.
Other Income (Expenses)
Other income of $304,000 was recorded for the three months ended July 31, 2022
as compared to other expenses of $8,000 for the comparable period last year. The
significant factor contributing to other income was a $301,000 gain from selling
Arras shares and interest income of $4,000 compared to a foreign currency
transaction loss of $8,000 for the comparable period last year.
Nine Months Ended July 31, 2022 and July 31, 2021
For the nine months ended July 31, 2022, the Company had a net loss of
$2,893,000, or approximately $0.08 per share, compared to a net loss of
$2,889,000, or approximately $0.09 per share, during the comparable period last
year. The $4,000 increase in net loss was primarily due to a $1,416,000 increase
in exploration and property holding costs (which was significantly the result of
the $2,058,000 goodwill impairment as described in the "Recent Developments"
section) which was partially offset by a $642,000 decrease in exploration and
property costs, a $1,143,000 decrease in general and administrative expense and
a $269,000 increase in other income in the nine months ended July 31, 2022
compared to comparable period last year as described below.
26
Exploration and Property Holding Costs
Exploration and property holding costs increased $1,416,000 to $2,340,000 for
the nine months ended July 31, 2022, compared to $924,000 for the comparable
period last year. This increase was mainly the result of a $2,058,000 goodwill
impairment (as described in the "Recent Developments" section) which was
partially offset by a $642,000 decrease in exploration and holding costs as the
result of costs incurred in connection with the Beskauga Option Agreement in the
comparable period last year. There were no comparable expenses in the current
nine-month period.
General and Administrative Expenses
General and administrative expenses of $834,000 were recorded for the nine
months ended July 31, 2022 as compared to $1,977,000 for the comparable period
last year. The $1,143,000 decrease was mainly the result of a $254,000 decrease
in personnel costs, a $135,000 decrease in office and administrative costs, a
$587,000 decrease in professional services and a $168,000 decrease in directors'
fees as described below. In addition, general and administrative expenses
included the financial results of Arras in the comparable period last year.
Stock-based compensation was a factor in the fluctuations in general and
administrative expenses. Overall stock-based compensation included in general
and administrative expense decreased to $244,000 for the nine months ended July
31, 2022 from $358,000 for the comparable period last year. This was mainly due
to stock options granted to Silver Bull employees, directors and advisors in the
nine months ended July 31, 2022 compared Arras stock options granted to Arras'
employees, directors and advisors in the comparable period last year.
Personnel costs decreased $254,000 to $368,000 for the nine months ended July
31, 2022 as compared to $622,000 for the comparable period last year. This
decrease was mainly due to a decrease in employees' salaries in the nine months
ended July 31, 2022 compared to the comparable period last year as the
comparable period included the personnel costs related to Arras.
Office and administrative costs decreased $135,000 to $192,000 for the nine
months ended July 31, 2022 as compared to $327,000 for the comparable period
last year. This decrease was primarily due to decreased investor relations
activities, which in the prior period were incurred in relation to a special
general meeting of shareholders and the planned distribution of Arras shares to
Silver Bull shareholders.
Professional fees decreased $587,000 to $137,000 for the nine months ended July
31, 2022 compared to $724,000 for the comparable period last year. This decrease
is mainly due to legal and accounting fees incurred in relation to the special
meeting of shareholders in December 2020, the incorporation of Arras and the
planned distribution of Arras shares in the comparable period last year.
Directors' fees decreased $168,000 to $126,000 for the nine months ended July
31, 2022 as compared to $294,000 for the comparable period last year. This
decrease was primarily due to a $52,000 decrease in director fees and decrease
in stock-based compensation expense to $60,000 in the nine months ended July 31,
2022 from $176,000 in the comparable period last year as a result of stock
options vesting in the nine months ended July 31, 2022 having a lower fair value
than stock options vesting in the comparable period last year.
A provision for uncollectible VAT of $11,000 was recorded for the nine months
ended July 31, 2022 as compared to a provision for uncollectible VAT of $10,000
in the comparable period last year. The allowance for uncollectible VAT 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.
Other Income (Expenses)
Other income of $286,000 was recorded for the nine months ended July 31, 2022 as
compared to other income of $17,000 for the comparable period last year. The
significant factor contributing to other income for the nine months ended July
31, 2022 was a gain of $301,000 from selling Arras common shares and interest
income of $4,000, which was offset by a $20,000 foreign currency transaction
loss compared to a $17,000 foreign currency transaction gain for the comparable
period last year.
27
Material Changes in Financial Condition; Liquidity and Capital Resources
Cash Flows
During the nine months ended July 31, 2022, the Company primarily utilized cash
and cash equivalents to fund general and administrative expenses and exploration
activities at the Sierra Mojada Property. During the nine months ended July 31,
2022, Silver Bull received net proceeds of $1,434,000 from the sale of 600,000
Arras common shares at a price of $CDN 1.00 per share and 852,262 Arras common
shares at a price of $CDN 1.50 per share. As a result of the proceeds received
from the sale of Arras common shares, which were partially offset by exploration
activities and general and administrative expenses, cash and cash equivalents
increased from $190,000 at October 31, 2021 to $632,000 at July 31, 2022.
Cash flows used in operating activities for the nine months ended July 31, 2022
were $987,000, as compared to $2,131,000 for the comparable period in 2021. This
decrease was mainly due to due diligence and exploration activities at the
Beskauga Property in relation to the Beskauga Option Agreement in the comparable
period last year and decreased general and administrative expenses, which was
offset by the timing of certain payments.
Cash flows provided by investing activities for the nine months ended July 31,
2022 were net proceeds of $1,434,000 from the sale of 600,000 Arras common
shares at a price of $CDN 1.00 per share and 852,262 Arras common shares at a
price of $CDN 1.50 per share. Cash flows used in investing activities for the
nine months ended July 31, 2021 were $1,777,000 for loans made to Ekidos
Minerals LLP (made while the Beskauga Project was being consolidated by the
Company) and purchases of equipment.
Cash flows provided by financing activities for the nine months ended July 31,
2022 were $nil, as compared to $2,642,000 for the same period last year. The
cash flows provided by financing activities for the nine months ended July 31,
2021 were comprised of net proceeds from the second and final tranche of the
Silver Bull Private Placement and the Arras Private Placement, funding from
South32 and the CEBA loan.
Capital Resources
As of July 31, 2022, the Company had cash and cash equivalents of $632,000, as
compared to cash and cash equivalents of $190,000 as of October 31, 2021. The
increase in liquidity was primarily the result of the proceeds from sale of
investments, which were partially offset by exploration activities at the Sierra
Mojada Property and general and administrative expenses.
Since the Company's inception in November 1993, it has not generated revenue and
have incurred an accumulative deficit of $137,119,000. Accordingly, Silver Bull
has not generated cash flows from operations, and since inception has relied
primarily upon proceeds from private placements and registered direct offerings
of the Company's equity securities, warrant exercises, sale of investments, and
funding from South32 as the primary sources of financing to fund our operations.
Based on the Company's limited cash and cash equivalents, and history of losses,
there is substantial doubt as to whether its 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,
include, but are 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.
Anyfuture 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. Management continues to evaluate the Company's costs and planned
expenditures, including for the Sierra Mojada Property, as discussed below.
The continued exploration of the Sierra Mojada Property will require significant
amounts of additional capital. In December 2021, Silver Bull's board of
directors approved a calendar year 2022 exploration budget of $0.3 million for
the Sierra Mojada Property and $0.8 million for general and administrative
expenses for calendar year 2022. As of August 31, 2022, the Company had
approximately $0.6 million in cash and cash equivalents. The continued
exploration of the Sierra Mojada Property ultimately will require the Company to
raise additional capital, identify other sources of funding or identify another
strategic partner.
28
For information about the strategic partnership with South32, see Note 4 -
South32 Option Agreement in the financial statements and Note 18 - Subsequent
Event.
Management will continue to evaluate the Company's 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 determined
that additional financial resources are unavailable or available on terms that
management determine are unacceptable. However, it may not be possible to reduce
costs, and even if management is successful in reducing costs, the Company still
may not be able to continue operations for the next 12 months as a going
concern. Ifthe Company is unable to fund future operations by obtaining
additional financial resources, including an equity offering or other strategic
transaction, management do not expect to have sufficient available cash and cash
equivalents to continue the Company's operations for the next 12 months as a
going concern.
Critical Accounting Policies
The critical accounting policies are defined in our Annual Report on Form 10-K
for the year ended October 31, 2021 filed with the SEC on January 14, 2022.
Recent Accounting Pronouncements Adopted in the Nine-Month Period Ended July 31,
2022
On November 1, 2020, we adopted the Financial Accounting Standards Board's (the
"FASB's") Accounting Standards Updated ("ASU") 2020-01, "Investments - Equity
Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic
323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions
between Topic 321, Topic 323, and Topic 815." This ASU is effective for interim
and annual periods beginning after December 15, 2020. The adoption of this
update did not have a material impact on the Company's financial position,
results of operations or cash flows and disclosures.
Recent Accounting Pronouncements Not Yet Adopted
In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic
815): Fair Value Hedging-Portfolio Layer Method" which is intended to make
amendments to the fair value hedge accounting previously issued in ASU 2017-12
"Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for
Hedging Activities". The new standard will be effective for reporting periods
beginning after December 15, 2022. The standard introduced the portfolio layer
method allowing multiple hedged layers of a single closed portfolio when
applying fair value hedge accounting. The adoption of this update is not
expected to have a material impact on the Company's financial position, results
of operations or cash flows 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
material impact on the Company's present or future consolidated financial
statements.
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SILVER BULL RESOURCES, INC. 
