Silver Bull director adds 106,500 shares via $0.59 exercise; 1.91M held

Rhea-AI Filing Summary

Silver Bull Resources (SVBL): Director Brian D. Edgar reported a Form 4 transaction showing the exercise of warrants and acquisition of common stock through Tortuga Investments Corp. On 10/21/2025, 106,500 shares of common stock were acquired at an exercise price of $0.59 per share (transaction code M).

Following the transaction, indirect beneficial ownership stood at 1,907,704 common shares. The derivative position reflects a warrant (right to buy) originally exercisable on 10/27/2020 and expiring on 10/27/2025, with 300,000 derivative securities reported as beneficially owned after the transaction, all held indirectly by Tortuga Investments Corp.

Insider Trade Summary

106,500 shares exercised/converted

Mixed 2 txns

Insider Edgar Brian D.

Role Director

Type	Security	Shares	Price	Value
Exercise	Warrant (Right to Buy)	106,500	$0.00	--
Exercise	Common stock	106,500	$0.59	$63K

Holdings After Transaction: Warrant (Right to Buy) — 300,000 shares (Indirect, By Tortuga Investments Corp.); Common stock — 1,907,704 shares (Indirect, By Tortuga Investments Corp.)

Footnotes (1)

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^*

Edgar Brian D.

(Last) (First) (Middle)

C/O SILVER BULL RESOURCES, INC.

777 DUNSMUIR STREET, SUTIE 1605

(Street)

VANCOUVER, BC A1 V7Y 1K4

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/21/2025

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

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

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

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	10/21/2025		M		106,500	A	$0.59	1,907,704	I	By Tortuga Investments Corp.

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	10/21/2025		M			106,500	10/27/2020	10/27/2025	Common Stock	106,500	$0.00	300,000	I	By Tortuga Investments Corp.

Explanation of Responses:

	/s/ Brian D. Edgar	10/27/2025
	** 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.

FAQ

What did SVBL director Brian D. Edgar report on Form 4?

He exercised warrants and acquired 106,500 SVBL common shares at $0.59 per share on 10/21/2025.

How many SVBL shares does the reporting person own after the transaction?

Indirect beneficial ownership is 1,907,704 common shares, held via Tortuga Investments Corp.

What was the exercise price and code for the transaction?

The warrants were exercised at $0.59 per share; the transaction code is M (derivative exercise).

What derivative securities remain after the transaction?

The filing reports 300,000 derivative securities beneficially owned after the transaction.

Who holds the shares and derivatives indirectly for the reporting person?

They are held by Tortuga Investments Corp. as indirect beneficial owner.

What are the key dates for the warrant?

The warrant became exercisable on 10/27/2020 and expires on 10/27/2025.

What is the issuer name and ticker?

The issuer is Silver Bull Resources, Inc. with ticker SVBL.