Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 2, 2023, Mr. Daniel Kunz resigned from and Mr. William Matlack was
appointed to the board of directors (the "Board") of Silver Bull Resources, Inc.
(the "Company"). Mr. Kunz resigned as he was not planning to stand for
re-election at the 2023 annual general meeting of the Company being held on
April 20, 2023.
Mr. Matlack, 68, is a veteran geologist over a 20-year career in the mining
industry, working primarily with Santa Fe Pacific Gold Corp. (now Newmont
Mining) and Gold Fields. Mr. Matlack was involved in the exploration and
development of several world-class gold discoveries in Nevada and California.
Later, he was an equity research analyst in metals & mining with Citigroup and
BMO Capital Markets, and an investment banker in metals & mining with Scarsdale
Equities. From 2012 to 2018, he was interim CEO and a director of Klondex Mines
Limited during its transformation from an explorer to gold producer in Nevada.
Mr. Matlack has served as a director of Timberline Resources Corp. since October
2019.
There are no family relationships between Mr. Matlack and any director or
executive officer of the Company, and there are no transactions between
Mr. Matlack and the Company that require disclosure pursuant to Item 404 of
Regulation S-K.
In connection with his appointment as a director of the Company, Mr. Matlack was
granted 150,000 stock options (the "Options") in the Company on March 2, 2023 at
an exercise price of C$0.195 and with a term of 5 years from the date of grant.
The Options vest 1/3 immediately upon grant, 1/3 on March 2, 2024 and 1/3 on
March 2, 2025.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101).
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