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Forward Looking Statements
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined
in, and required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of measured, indicated and
inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated
mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S.
investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates
of inferred mineral resources may not form the basis of feasibility or other economic studies.
.
Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as
in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject
to National Instrument 43-101.
Cautionary note regarding forward looking statements: This news release contains forward-looking statements regarding future events and Silver Bull's future results that are subject to the safe harbors created under the U.S.
Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities
laws. Forward-looking statements include, among others, statements regarding mineral resource estimates and, the potential for open pit or below ground development. These statements are based on current expectations,
estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects," "anticipates," "targets,"
"goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue
to support continued exploration activities, unexpected variations in mineralization grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters
discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2016, as amended, and our other periodic and current reports filed with the SEC and available on
www.sec.gov and with the Canadian securities commissions available on www.sedar.com. 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 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.
The technical information of this presentation has been reviewed and approved by Tim Barry, a Chartered Professional Geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.
3
Corporate Snapshot
Silver Bull Resources Inc. Corp. Presentation May 2018
Capitalization
Shares Outstanding 204,739,342
Options/Warrants 34,515,325
Shares Fully Diluted 239,254,667
Share Price (C$/share) $0.18
52 Wk High – Low (C$/share) $0.09-$0.29
3 Mth Avg. Volume (TSX+OTC) 1.2M
Market Capitalization (C$) $35M
Cash as of Mar-18 (US$) $0.3M
Shareholders
Directors/Officers 3.5%
Lazarus Investment Fund 8.7%
Sprott 2.8%
US Global 2.0%
Management & Directors
Tim Barry: President, CEO & Director
Brian Edgar: Chairman
Daniel Kunz: Director
John McClintock: Director
Sean Fallis: CFO
Juan Manuel Ramirez: Operations Manager
4
Investment Highlights & Catalysts
Joint Venture with South32 – one of the worlds largest Mining Companies (Mrk Cap of ~$20B
$10M in exploration to be funded by South32 over the next 4 years and an additional $90M to be funded by South32 should they elect to move forward with the project
Commodity price optionality due to sizeable Zn & Ag resource
M&I Zinc Zone: 4.7Blbs Zn, high-grade core of 2.5Blbs @ 11% Zn – trades at US$0.007/lb Zn
M&I Silver Zone: 90.8Moz Ag, higher grade core of 63Moz @ 102.5g/t – trades at US$0.37/oz Ag
Arizona Mining’s Taylor Deposit provides direct analogue and sulphide prospectivityproven by:
Identification of Sulphide Zone
Successful testing of Eastern Extension of Zinc and Silver Zone orebodies – sulphide mineralization identified
Near term catalysts include drill results from ongoing Sulphide Zone exploration program
5
Joint Venture with one of the largest mining companies in the world - $20B
market cap
$10M to go into exploration over the next 4 years at Sierra Mojada
At the end of 4 years South 32 have the option to for a 70:30 joint venture
company which will own the Sierra Mojada asset
South 32 will then to invest an additional $90M to earn their70%
Should South32 elect not to proceed with the 70:30 joint Venture the project
will return back to SilverBull 100%
South 32 Joint Venture
6
CRDs are 2nd largest contributor to Mexican silver production
Located on +2,000km long belt of carbonate rocks from SE Arizona (e.g., Arizona Mining’s Taylor) to SE Mexico
Sierra Mojada has typical CRD characteristics:
Fold/thrust control, carbonate host rocks, high temperature Zn-Ag-Pb-Cu mineralization, forms mantos, chimneys
High-grade with weathering to +100m forming non-sulphide zinc deposit of +4.7Mlbs and separate silver deposit of 90.8Moz
StrategyExplore for Sulphide Zn-Ag-Pb-Cu Mineralization
Silver Bull Resources Inc. Corp. Presentation May 2018
Source: Discovery Metals Corp.
Taylor
Source: Discovery Metals Corp.
8
Extensive Historic Mining Activity120 years of continuous mining - Demonstrates Size & Grade of District
10
Abundant InfrastructureAccess, Power, Water
2 Paved Road
4 Penoles Chemical Plant With Gas Pipeline
1 Rail Load Out Facilities
3 Camp
N
20km
1
2
3
4
13
West Zone Discovery OutcropsUnderground High-Grade Ag+Zn+Cu+Pb Sulphide Mineralization
495g/t Ag, Zn 7.1%, Cu 1.1%, Pb 27% Ag-Cu-Pb-Zn Sulphide Mineralization
17
T17002 – 25.5 meters @ 294g/t Ag and 0.96% Cu
T17003 – 16 meters @ 396g/t Ag and 1.61% Cu
T17004 – 7 meters @ 370g/t Ag and 0.85% Cu
T17006 – 4.8 meters @ 352g/t Ag and 0.58% Cu
T17009 – 3 meters @ 537g/t Ag and 1.06% Cu
T17010 – 9 meters @ 20.7% Zn, 1.0% Pb. 98g/t Ag, 0.26% Cu
T17013—17 meters @ 301g/t Ag and 1.75% Cu
T17014—7.1 meters @ 163g/t Ag and 0.57% Cu
T17015—1 meter @ 312g/t Ag and 1.83% Cu
T17019 – 2 meters @ 1,300g/t Ag, 13.52% Zn, 2.95% Pb. 3.87% Cu
T17021—6 meters @ 5.8% Zn, and 0.57% Cu
T17022 – 6 meters @ 802g/t Ag, 5.87% Zn, 0.54% Pb, 3.3% Cu
West Zone - Sulphide ZoneRecent Drill Results
20
Sulphide ZoneNew Extension adds an additional 350m Along Strike to the area
recently drilled
SELECT CHANNEL SAMPLE RESULTS FROM NEW ZONE• N342060 @ 27.5% Zn, 80.5g/t Ag, 4.18% Pb, 0.17% Cu• N342068 @ 27.2% Zn, 149g/t Ag, 14.5% Pb, 0.26 Cu• N342072 @ 26.6% Zn, 160g/t Ag, 9.23% Pb, 0.33% Cu• N342063 @ 25.3% Zn, 105g/t Ag, 4.13% Pb, 0.09% Cu• N342069 @ 22.2% Zn, 101g/t Ag, 16.05% Pb, 0.14% Cu
• N342071 @ 22.1% Zn, 182g/t Ag, 9.79% Pb, 0.49% Cu• N342075 @ 21.8% Zn, 159g/t Ag, 17.6% Pb, 0.36% Cu• N342064 @ 20.7% Zn, 146g/t Ag, 4.58% Pb, 0.12% Cu• N342067 @ 20.2% Zn, 69.5g/t Ag, 4.23% Pb, 0.12% Cu• N342074 @ 19.45% Zn, 90.2g/t Ag, 7.47% Pb, 0.13% Cu• N342058 @ 17.25% Zn, 175g/t Ag, 3.34% Pb, 0.52% Cu• N342051 @ 15.65% Zn, 53.9g/t Ag, 4.91% Pb, 0.17% Cu
SELECT CHANNEL SAMPLE RESULTS FROM NEW ZONE• N342078 @ 11.7% Zn, 606g/t Ag, 2.16% Pb, 0.40% Cu• N342077 @ 1.23% Zn, 514g/t Ag, 1.18% Pb, 1.19% Cu• N342085 @ 1.565% Zn, 251g/t Ag, 5.02% Pb, 0.25% Cu• N342086 @ 2.61% Zn, 242g/t Ag, 0.765% Pb, 0.37% Cu• N342087 @ 1.49% Zn, 182g/t Ag, 0.362% Pb, 0.31% Cu• N342088 @ 0.44% Zn, 178g/t Ag, 0.21% Pb, 0.27% Cu• N342082 @ 2.19% Zn, 160g/t Ag, 1.23% Pb, 0.36% Cu• N342089 @ 0.327% Zn, 154g/t Ag, 0.17% Pb, 0.20% Cu• N342079 @ 2.92% Zn, 116g/t Ag, 0.75% Pb, 0.35% Cu
• N342083 @ 20.6% Zn, 104g/t Ag, 0.17% Pb, 0.37% Cu• N342084 @ 1.535% Zn, 98.5g/t Ag, 2.56% Pb, 0.08% Cu 2017 DRILL STATION
2017 DRILL STATION
26
Sulphide Zones – Open to the East and West
4km
Sulphide Mineralization
Open
Sulphide Mineralization
Open
32
Investment Highlights & Catalysts
Joint Venture with South32 – one of the worlds largest Mining Companies (Mrk Cap of ~$20B
$10M in exploration to be funded by South32 over the next 4 years and an additional $90M to be funded by South32 should they elect to move forward with the project
Commodity price optionality due to sizeable Zn & Ag resource
M&I Zinc Zone: 4.7Blbs Zn, high-grade core of 2.5Blbs @ 11% Zn – trades at US$0.007/lb Zn
M&I Silver Zone: 90.8Moz Ag, higher grade core of 63Moz @ 102.5g/t – trades at US$0.37/oz Ag
Arizona Mining’s Taylor Deposit provides direct analogue and sulphide prospectivityproven by:
Identification of Sulphide Zone
Successful testing of Eastern Extension of Zinc and Silver Zone orebodies – sulphide mineralization identified
Near term catalysts include drill results from ongoing Sulphide Zone exploration program – Potential for a large scale discovery
34
Sierra Mojada is a CRD deposit
Zn-Ag-Pb-Cu discovered and
mined from 1879-1990
2015 NI43-101 global M&I oxide
resource of 4.7Blbs Zn & 90.8Moz
Ag
Separate and cohesive higher
grade Zinc & Silver Zone Deposits
New sulphide zones with Zn-Ag-
Pb-Cu identified 2017 –
contiguous to existing resources
Sierra Mojada Project SummaryLarge Oxide Resource, Sulphide Prospectivity Proven
Silver Bull Resources Inc. Corp. Presentation May 2018
Silica Alteration
4: Sierra Mojada Zn-Ag-Pb-Cu mineralization deposited then oxidized near surface
1: Old E-W basin bounding fault
2: South Verging Thrust Fault
3: Mineralizing event reactivates regional deep structures
?
5: What happens at depth and along E-W strike
Sulphide Zone
Bottom of Limestone
???
NI43-101 Resource
Schematic Mineralization Model Cross-
Section Looking South
35
Global Resource – June 2015NI43-101 Technical Report On The Resources Of The Sierra Mojada
Project Coahuila, Mexico
CategoryTonnes (Mt)
Ag (g/t) Zn (%) Cu (%) Pb (%) NSR ($/t)Ag
(Moz)Zn
(Mlb)Cu
(MLb)Pb
(Mlb)
Measured 36.5 48.5 4.6 0.05 0.3 46.9 55.0 3,689.7 36.8 277.1
Indicated 22.2 51.6 2.0 0.04 0.2 32.4 35.8 980.6 19.4 115.7
Total M&I 58.7 50 3.6 0.04 0.3 41.4 90.8 4,670.2 56.3 392.8
Inferred 0.5 44.7 4.7 0.02 0.5 26.5 0.3 54.3 0.2 6.0
The “Global Resource” is the addition of the resource defined by the LG optimized pit at $13.50/tonne NSR cut-off and for the underground resource at a 6% Zn cut-off.
NSR, Ag grades, and Ag ounces are from the LG optimized pit only.
Mineral resources are not reserves and do not have demonstrated economic viability.
Mineral resources are reported using a commodity price of US$ 18.00/oz silver and US$1.00/lb zinc and a 75% recovery for silver and a 41% recovery for zinc (no copper or lead is assumed to have been recovered in calculating this resource).
Tonnages are reported to the nearest 100,000 tonnes, grades are rounded to the nearest decimal place for Ag, Zn and Pb, and the nearest two decimals for Cu.
Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.
Tonnage and grade are in metric units; contained metal for Zn Cu, & Pb are in imperial pounds.
Tonnage and grades are as reported directly from block model, with mined out areas removed.
36
Silver Zone ResourceSensitivity to Grade Cut-Off
CategoryAg Cutoff
(g/t)
Tonnes
(Mt)
Ag
(g/t)
Zn
(%)
Cu
(%)
Pb
(%)
Ag
(Moz)
Zn
(Mlb)
Cu
(Mlb)
Pb
(Mlb)
Me
asu
red
25.00 19.50 79.50 2.40 0.08 0.46 49.80 1,027.30 32.30 198.10
35.00 15.10 93.80 2.20 0.09 0.50 45.60 718.30 30.20 166.20
45.00 11.90 108.30 2.10 0.11 0.52 41.60 543.20 28.00 137.80
50.00 10.60 115.90 2.00 0.11 0.53 39.50 471.70 26.70 124.60
55.00 9.50 123.30 2.00 0.12 0.54 37.70 414.20 25.80 113.10
60.00 8.60 130.50 1.90 0.13 0.54 35.90 364.00 24.80 102.20
65.00 7.70 137.70 1.90 0.14 0.54 34.30 328.50 23.80 93.10
70.00 7.00 145.00 1.90 0.15 0.55 32.70 293.80 22.70 84.40
75.00 6.40 151.40 1.90 0.15 0.54 31.40 270.90 21.80 76.90
Ind
ica
ted
25.00 17.50 60.10 1.30 0.05 0.20 33.90 490.20 17.80 91.20
35.00 13.60 68.60 1.30 0.05 0.20 30.10 377.30 16.10 75.00
45.00 9.90 79.60 1.30 0.06 0.30 25.30 279.50 13.30 57.10
50.00 8.30 85.60 1.30 0.06 0.30 22.90 233.20 11.80 48.80
55.00 7.00 92.00 1.20 0.07 0.30 20.60 192.00 10.30 41.90
60.00 5.70 99.50 1.30 0.07 0.30 18.30 159.90 9.00 35.30
65.00 4.90 106.20 1.30 0.08 0.30 16.60 136.90 8.00 31.20
70.00 4.20 112.70 1.20 0.08 0.30 15.10 113.90 7.20 27.20
75.00 3.60 119.50 1.20 0.08 0.30 13.70 97.30 6.50 23.50
Infe
rre
d
25.00 0.20 52.90 0.50 0.03 0.10 0.30 1.90 0.10 0.37
35.00 0.10 59.30 0.40 0.02 0.06 0.30 1.10 0.07 0.19
45.00 0.10 67.80 0.20 0.02 0.03 0.20 0.40 0.04 0.07
50.00 0.10 71.80 0.20 0.01 0.03 0.20 0.40 0.02 0.05
55.00 0.10 75.20 0.20 0.01 0.03 0.20 0.30 0.02 0.05
60.00 0.10 80.00 0.10 0.01 0.03 0.10 0.10 0.01 0.04
37
Zinc Zone Resource
Sensitivity to Grade Cut-Off
CategoryZn Cutoff
(%)
Tonnes
(Mt)
Zn
(%)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(Mlb)
Ag
(Moz)
Cu
(Mlb)
Pb
(Mlb)M
ea
sure
d4.00 13.10 9.10 23.90 0.02 0.37 2,637.30 10.10 5.80 106.30
6.00 8.80 11.20 19.70 0.02 0.34 2,171.60 5.60 3.10 66.80
8.00 6.20 13.00 16.40 0.01 0.30 1,774.60 3.30 1.90 41.10
10.00 4.40 14.70 13.00 0.01 0.25 1,409.70 1.80 1.30 24.30
11.00 3.60 15.60 11.90 0.01 0.24 1,233.20 1.40 1.00 19.30
12.00 3.00 16.40 11.00 0.01 0.24 1,080.50 1.10 0.90 15.80
13.00 2.40 17.40 10.00 0.01 0.23 918.40 0.80 0.70 12.00
14.00 1.90 18.30 9.20 0.01 0.21 779.60 0.60 0.60 9.00
Ind
ica
ted
4.00 2.40 7.10 33.70 0.04 0.32 382.40 2.60 2.00 17.00
6.00 1.20 9.30 26.40 0.03 0.29 251.80 1.00 0.80 7.90
8.00 0.60 11.80 24.00 0.03 0.26 156.70 0.50 0.30 3.50
10.00 0.30 14.10 22.20 0.02 0.25 105.50 0.20 0.10 1.90
11.00 0.30 15.20 21.80 0.02 0.21 87.90 0.20 0.10 1.20
12.00 0.20 16.10 22.50 0.02 0.20 74.80 0.20 0.10 0.90
13.00 0.20 17.00 23.20 0.02 0.15 63.40 0.10 0.10 0.60
14.00 0.10 18.10 24.00 0.02 0.12 52.00 0.10 0.10 0.40
Infe
rre
d 4.00 0.02 10.00 - 0.00 0.08 3.50 - 0.00 0.03
6.00 0.01 13.90 - 0.00 0.02 2.60 - 0.00 0.00
8.00 0.01 13.90 - 0.00 0.02 2.60 - 0.00 0.00
38
Silver Zone & Zinc Zone DepositsSummary Metallurgical Options
Metallurgical testwork demonstrates technically viable processing options
for Silver Zone and Zinc Zone deposits
Leach•Crush, grind, VAT leach
MC
•Merrill Crow -> silver dore
•75% Ag recovery
SART
•Zn concentrate, 41% recovery
•+98% cyanide regeneration
1200oC
• 3:1 C:Zn; 12.5% Zn, 86.9% fumed (100g)
1200oC
• 4:1 C:Zn; 18.75% Zn, 93.9% fumed (150g)
1300oC
• 3:1 C:Zn; 12.5% Zn, 98.9% fumed (100g)
39
Silver Zone Metallurgical Testwork
Conventional 3 stage crush → primary ball mill grind → cyanide leach (24
hrs) → Merril Crowe silver precipitation → bio-SART process plant and
reagent facility → cyanide destruction → Ag dore (75% recovery) & Zn
sulphide (64% Zn concentrate)
SART (sulfidization, acidification, recycling and thickening)
Used to manage and recycle cyanide, particularly in deposits with cyanide
consuming minerals e.g., Newcrest’s Telfer and Kinross’ Maricunga
Sulfuric acid added to zinc complexed cyanide solution to break the cyanide-
zinc bond, sulphide reagent (H2S) added to precipitate Zn
Barren cyanide solution re-neutralized with lime, recycled back to Ag leaching
process as free cyanide
Source: 13-Nov-13 Sierra Mojada Silver Zone PEA.
40
Zinc Zone Processing Options
Key Takeaway – there is a viable processing route for the Zinc Zone deposit using a rotary kiln, the Waelz Kiln (which was first used in the early 1900s), to recovery Zn via volatization
SVB tested samples with recoveries of +90% at temperatures of 1,200 to 1,300oC
The deposit is also amenable to conventional flotation, but produces a concentrate that is ~40% Zn vs the +52% required by smelters, however the infrastructure (rail head) and proximity of smelters in Mexico means that the may be potential offtake partners
The deposit is also amenable to acid leach, but the presence of acid consuming limestone results in prohibitive acid consumption. SVB has submitted samples for dense media separation studies with the aim of removing the acid consuming gangue mineralogy similar to the approach being used by Nevada Zinc:
Lone Mountain Project – oxide (non-sulphide) Zn case study
Similar deposit type to SVB’s Sierra Mojada Zn deposit
Successfully rejected 90% of acid consuming gangue mineralogy (dolomite and carbonate) using dense media separation (DMS) – this pre-concentration reduces acid consumption resulting in amenability for acid leaching