Silver BULL Announces Execution of Key Persons Retention Agreement

October 13, 2023 OTCQB: SVBL, TSX: SVB

SILVER BULL ANNOUNCES EXECUTION OF KEY PERSONS RETENTION

AGREEMENT

VANCOUVER, British Columbia – Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) is pleased to

announce that following the entering into the litigation funding agreement with Bench Walk Advisors LLC

(the “LFA”), the Company has established a Management Retention Agreement (“ MRA”), which is a long -

term incentive program to retain key personnel of the Company who have important historical information

and knowledge to contribute towards the Claim. The MRA provides that if the international arbitration claims

against Mexico for breaches of its obligations under NAFTA (the “ Claim”) is successful and the Company

receives damages proceeds, 12% of the net proceeds will be directed to the MRA for distribution to its

participants, which include Timothy Barry, President, CEO and Director, Brian Edgar, Chairman of the Board,

Christopher Richards, CFO, Juan Manuel Lopez Ramirez, and David Xuan.

Each participant must satisfy specific Claim related duties and if they do so, each participant may be entitled

to a pre-defined percentage of the proceeds received by the MRA.

Certain participants under the MRA constitute related parties of the Company and accordingly the MRA

constitutes a “related party transaction” of the Company under Multilateral Instrument 61-101 – Protection

of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption

from the requirement to obtain a formal valuation purs uant to section 5.5(g) of MI 61-101, which provides

an exemption where the criteria set out therein are met.

The Toronto Stock Exchange (the “TSX”) has provided their conditional approval of the MRA, including that

the MRA be approved by the Company’s dis interested shareholders at the next Annual Meeting of

Shareholders, which will also be sought in compliance with the requirements for minority shareholder

approval under MI 61-101.

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]

Cautionary note regarding forward looking statements: This news release may contain certain information that is forward -looking

and is subject to important risks and uncertainties (such statements include statements regarding the terms and payment of any

amounts under the MRA, final approval of the MRA by the Exchange, any, shareholder approval in respect of the MRA will be obtained

and other statements implying a future state which are usually accompanied by words such as "anticipate", "expect", "believe", "may",

"will", "should", "estimate", "intend" or other similar words). Any forward-looking statements 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 future plans and financial outlook. Any forward -looking statements reflect Silver Bull's beliefs and assumptions based on

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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 undue reliance on forward-looking information and

should not use future-oriented information or financial outlooks for anything other than their intended purpose. There is no guarantee

that the Company will be successful in obtaining TSX or shareholder approval in respect of the MRA. For additional information on the

assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the

Company’s filings under Silver Bull’s profile on SEDAR + at www.sedarplus.ca and with the U.S. Securities and Exchange Commission

at www.sec.gov. Readers are cautioned that forward -looking statements are not guarantees of future performance and that actual

results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking

statement made by us in this news release is based only on information currently available to us and speaks only as of the date on

which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be

made from time to time, whether as a result of new information, future developments or otherwise.