Item 1.02 Termination of a Material Definitive Agreement.
On August 31, 2022, Silver Bull Resources, Inc. ("Silver Bull" or the "Company")
and its subsidiary Minera Metalin S.A. de C.V. ("Minera Metalin") entered into a
termination agreement (the "Termination Agreement") with South32 International
Investment Holdings Pty Ltd ("South32") pursuant to which agreement the parties
will terminate that certain Option Agreement (the "Option Agreement"), dated as
of June 1, 2018 and amended on March 20, 2019, among Silver Bull, Minera
Metalin, South32, and Contratistas de Sierra Mojada S.A. de C.V., which merged
with an into Minera Metalin on August 26, 2021. As a condition precedent to the
termination of the Option Agreement, and as reimbursement for project-related
costs and expenditures incurred or expected to be incurred in relation to the
Option Agreement, South32 must pay Silver Bull $518,000 in cash. Pursuant to the
Termination Agreement, upon termination of the Option Agreement, Silver Bull and
Minera Metalin will release South32, and South32 will release Silver Bull and
Minera Metalin, from any claims, including in relation to their respective
obligations arising from the Option Agreement.
The Option Agreement has been under a force majeure since October 11, 2019 due
to an ongoing blockade of the Sierra Mojada property located in Coahuila,
Mexico, by a cooperative of local miners called Sociedad Cooperativa de
Exploración Minera Mineros Norteños, S.C.L.
Item 7.01 Regulation FD Disclosure.
On September 1, 2021, the Company issued a press release regarding the
termination of the Option Agreement. A copy of the press release is furnished as
Exhibit 99.1 hereto and is incorporated herein by reference.
The information set forth in this Item 7.01, including the information set forth
in Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 News release, dated as of September 1, 2022
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101).
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