| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Income | -$26K | +73.2% | -18.8% |
| Pre-tax Income | -$1.1M | -832.4% | -1488.2% |
| Income Tax | $875 | — | — |
| Net Income | -$1.1M | -833.1% | -1489.5% |
| EPS (Basic) | -$0.02 | — | — |
| EPS (Diluted) | -$0.02 | — | — |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Cash & Equivalents | $918K | -5.3% | +144.5% |
| Accounts Receivable | $392K | -4.5% | +9.6% |
| Current Assets | $1.4M | -5.4% | +81.6% |
| Total Assets | $1.5M | -5.2% | -74.9% |
| Current Liabilities | $7.7M | -0.3% | +1543.4% |
| Total Liabilities |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Cash Flow | -$206K | -33.2% | — |
| Financing Cash Flow | -$8K | +0.0% | — |
Business Overview
Silver Bull Resources, Inc. is an exploration stage company focused on mineral exploration, primarily the Sierra Mojada Property in Coahuila, Mexico. During this period, the company's operations have been significantly constrained by an ongoing illegal blockade of its primary exploration property since September 2019, and the company received a dismissal of its ICSID arbitration claim against Mexico on May 29, 2026, on jurisdictional and time-bar grounds. The company is currently assessing strategic options including pursuing annulment of the arbitration decision and evaluating alternative exploration projects.
Segment Performance
The company reports as a single exploration stage segment with no revenue generation. For the six months ended April 30, 2026, total exploration and property holding costs were $77,940 (versus $82,253 in prior year), with general and administrative expenses of $43,956 (versus $42,919 in prior year). The net loss for the six months was $1,236,560 compared to $172,653 in the prior year period, significantly impacted by a $1,118,453 change in fair value of warrant derivative liability (versus $43,589 in prior year) and foreign currency transaction losses of $10,363 (versus $8,129 in prior year).
Forward Guidance
Management states: "Management plans to pursue possible financing and strategic options, including, but not limited to, obtaining additional equity financing. Management has successfully pursued these options previously and believes that they alleviate the substantial doubt that the Company can continue its operations for the next 12 months as a going concern. However, there is no assurance that the Company will be successful in pursuing these plans." Additionally, regarding the arbitration dismissal, the company states: "The Company is currently assessing the decision to determine whether there are grounds for annulment. The Company has 120 days from the date of the ruling to register for annulment, and the proceeding would be anticipated to take approximately 18 to 36 months from the date of registration."
| $9.6M |
| +12.0% |
| +1495.8% |
| Stockholders' Equity | -$8.1M | -15.9% | -250.8% |
Key Risk Factors
The company faces substantial going concern risks with accumulated deficits of $153.2 million, working capital deficiency of $6.3 million (excluding warrant liabilities), and minimal cash reserves of $917,755 as of April 30, 2026. The ongoing blockade of the Sierra Mojada Property in Mexico has prevented all exploration activities since September 2019 and access remains blocked as of June 11, 2026. The company's ICSID arbitration claim against Mexico was dismissed on May 29, 2026, and the company must pay approximately $998,000 in Mexico's legal costs, creating additional financial burden and uncertainty regarding potential annulment proceedings that could take 18-36 months. The company's ability to continue operations depends on successful equity financing or strategic alternatives, with no assurance of success.