Silver Bull Resources (SVBL) CFO exercises warrants, holds 297,839 shares

Rhea-AI Filing Summary

Silver Bull Resources Chief Financial Officer Christopher Richards exercised warrants to acquire additional common stock. He exercised warrants for 8,000 shares of common stock at an exercise price of $0.59 per share. After the transactions, he directly owns 297,839 shares of Silver Bull Resources common stock. These transactions reflect a derivative exercise rather than an open-market purchase or sale.

Insights

Equity compensation analyst

CFO exercised a small warrant position, increasing direct share ownership.

Chief Financial Officer Christopher Richards exercised warrants to obtain 8,000 shares of Silver Bull Resources common stock at an exercise price of $0.59 per share. The filing classifies this as a derivative exercise, not an open-market trade.

After the exercise, Richards holds 297,839 common shares directly. With no remaining derivative positions listed in this filing, this looks like a routine compensation-related action rather than a directional bet. The scale of the exercise appears modest relative to his reported holdings.

Insider Trade Summary

8,000 shares exercised/converted

Mixed 2 txns

Insider RICHARDS CHRISTOPHER

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Warrant (Right to Buy)	8,000	$0.00	--
Exercise	Common Stock	8,000	$0.59	$5K

Holdings After Transaction: Warrant (Right to Buy) — 0 shares (Direct); Common Stock — 297,839 shares (Direct)

Footnotes (1)

Key Figures

Warrants exercised: 8,000 shares Exercise price: $0.59 per share Shares acquired via exercise: 8,000 common shares +2 more

5 metrics

Warrants exercised 8,000 shares Warrant (Right to Buy) exercised by CFO

Exercise price $0.59 per share Conversion price of warrants into common stock

Shares acquired via exercise 8,000 common shares Underlying common stock from derivative exercise

Post-transaction holdings 297,839 shares CFO’s direct common stock ownership after transactions

Derivative exercise count 1 transaction Form 4 transaction summary exerciseCount

Key Terms

Warrant (Right to Buy), derivative security, exercise price, Common Stock

4 terms

Warrant (Right to Buy) financial

"security_title": "Warrant (Right to Buy)"

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exercise price financial

"conversion_or_exercise_price": "0.5900"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Common Stock financial

"underlying_security_title": "Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RICHARDS CHRISTOPHER

(Last) (First) (Middle)

C/O SILVER BULL RESOURCES, INC.

999 WEST HASTINGS STREET, SUITE 1508

(Street)

VANCOUVER CANADA V6C 2W2

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

2. Issuer Name and Ticker or Trading Symbol
SILVER BULL RESOURCES, INC. [ SVBL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025		M		8,000	A	$0.59	297,839	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (Right to Buy)	$0.59	09/09/2025		M			8,000	10/27/2020	10/27/2025	Common Stock	8,000	$0.00	0	D

Explanation of Responses:

	/s/ Christopher Richards	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Silver Bull Resources (SVBL) CFO Christopher Richards report in this Form 4?

Christopher Richards reported exercising warrants to acquire 8,000 shares of Silver Bull Resources common stock. The derivative exercise converted warrant rights into shares at a $0.59 exercise price, increasing his direct equity position disclosed in this insider transaction filing.

How many Silver Bull Resources (SVBL) shares did the CFO acquire in the latest Form 4?

The CFO acquired 8,000 shares of Silver Bull Resources common stock through the exercise of warrants. This derivative transaction converted previously held warrant rights into shares, adding to his existing holdings as reflected in the updated post-transaction ownership figure.

At what price were the Silver Bull Resources (SVBL) warrants exercised by the CFO?

The warrants were exercised at an exercise price of $0.59 per share. This means each of the 8,000 warrants entitled the CFO to buy one share of Silver Bull Resources common stock at $0.59, as recorded in the insider filing.

How many Silver Bull Resources (SVBL) shares does the CFO own after this Form 4 transaction?

After the reported transactions, the CFO directly owns 297,839 shares of Silver Bull Resources common stock. This updated total reflects the addition of 8,000 shares acquired through the warrant exercise described in the Form 4 filing.

Was the Silver Bull Resources (SVBL) CFO’s Form 4 a market purchase or a derivative exercise?

The Form 4 reflects a derivative exercise, not an open-market purchase. The CFO exercised warrants labeled as a “Warrant (Right to Buy)” to obtain 8,000 common shares, which is classified as an exercise or conversion of a derivative security.