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Silver Bull Resources Inc (SVBL-0.53%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing indicates that Silver Bull Resources is an exploration stage company focused on mineral exploration in Mexico, primarily at the Sierra Mojada Property. The company has not established any proven or probable reserves.
The company reported a net loss of $168,785 for the fiscal year ended October 31, 2024, compared to a net loss of $1,251,188 in the previous year. The decrease in net loss is attributed to a reduction in exploration and administrative expenses.
Silver Bull has been unable to access its Sierra Mojada Property due to an ongoing blockade by a local miners' cooperative, which began in September 2019. This has led to the termination of an option agreement with South32 International Investment Holdings Pty Ltd.
On June 28, 2023, Silver Bull commenced arbitration proceedings against Mexico under the USMCA and NAFTA, seeking $408 million in damages. The arbitration is being funded by Bench Walk, which has agreed to cover up to $9.5 million in legal and other costs.
The company has cash and cash equivalents of $546,000 as of October 31, 2024, with a working capital of $327,000. It acknowledges substantial doubt about its ability to continue as a going concern without securing additional financing.
Silver Bull's stock is traded on the OTCQB marketplace and the Toronto Stock Exchange. The company does not anticipate paying dividends in the foreseeable future.
The filing also details ongoing legal proceedings, including a dispute with Mineros Norteños over a royalty claim and an action by Jaime Valdez Farias and Maria Asuncion Perez Alonso seeking $5.9 million for an alleged breach of agreement.
The company has implemented a Management Retention Agreement to retain key personnel during the arbitration process, which includes deferred compensation contingent on the outcome of the arbitration.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silver Bull Resources Inc annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.