Silver Bull Announces Commencement of Legacy NAFTA Claim Against

March 2, 2023 OTCQB: SVBL, TSX: SVB

Silver Bull Announces

Commencement of Legacy NAFTA Claim Against Mexico

VANCOUVER, British Columbia – Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) announced

today that it has filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim

under Annex 14-C of the United States -Mexico-Canada Agreement to recover economic damages resulting from

the illegal blockade of its Sierra Mojada project. Silver Bull has been unable to access the project since the illegal

blockade commenced in September 2019. Despite numerous demands and requests for action by the company,

Mexican governmental agencies have allowed this unlawful behaviour to continue and, as such, failed to protect

Silver Bull’s investment.

Silver Bull will be seeking to recover no less than US$178 million in damages that it has suffered as a result of

Mexico’s breach of its NAFTA obligations.

The Notice of Intent was filed with Mexico’s Directorat e General of Foreign Investment (Dirección General de

Inversión Extranjera).

On behalf of the Board of Directors

“Tim Barry”

Tim Barry, CPAusIMM

Chief Executive Officer and Director

INVESTOR RELATIONS:

1 604 687 5800 [email protected]

FORWARD-LOOKING INFORMATION

This release may contain certain information that is forward-looking and is subject to important risks and

uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may",

"will", "should", "estimate", "intend" or other similar word s). Any forward-looking stat ements in this document

are intended to provide Silver Bull security holders and potential investors with information regarding Silver Bull,

including management's assessment of Silver Bull’s fu ture plans and financial outlook. Any forward-looking

statements reflect Silver Bull's beliefs and assumptions based on information available at the time the statements

were made and as such are not guarantees of future performance. As actual results could vary significantly from

the forward-looking information, you should not put u ndue reliance on forward-looking information and should

not use future-oriented information or financial outlooks for anything other than their intended purpose. We do

not update our forward-looking information due to new in formation or future events, unless we are required to

by law. For additional information on the assumptions made, and the risks and uncertainties which could cause

actual results to differ from the anticipated results, re fer to the company’s filings under Silver Bull’s profile on

SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.