XML 30 R19.htm IDEA: XBRL DOCUMENT

Warrants

6 Months Ended

Apr. 30, 2025

NOTE 13 – WARRANTS

A summary of warrant activity for the six months ended April 30, 2025 is as follows:

Warrants	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value

Outstanding and exercisable at October 31, 2024		7,813,788		$	0.23		3.24	$	—
Exercised		(21,500	)		0.59
Outstanding and exercisable at April 30, 2025*		7,792,288		$	0.22		2.75	$	99,692

* Pursuant to the Distribution Agreement (the “Distribution”), dated as of August 31, 2021, between Silver Bull and Arras entered into in connection with the Distribution, 1,971,289 warrants with a weighted average exercise price of $0.59 are exercisable into one share of common stock of the Company and one common share of Arras. The Company will retain $0.34 of the proceeds from the exercise of each of these warrants and the remaining $0.25 per share of the proceeds will be paid to Arras to compensate for the issuance of Arras common shares.

On March 18, 2025, the Company received gross proceeds of $12,685 related to a warrant exercise of 21,500 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $5,375 for the issuance of Arras shares, for net proceeds of $7,310, excluding issuance costs of $1,332.

No warrants were issued during the six months ended April 30, 2025.

No warrants were issued or exercised during the six months ended April 30, 2024.

Summarized information about warrants outstanding and exercisable at April 30, 2025 is as follows:

	Warrants Outstanding and Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$	0.59*	1,949,789	0.50	$	0.59
	0.09**	5,842,499	3.50		0.09
$	0.22	7,729,288	2.75	$	0.22

** During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of Canadian dollar (“$CDN”) $0.13 in connection with the $CDN 0.11 Unit private placement. The Company’s $CDN warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company.

The following is a summary of the Company’s warrant derivative liability at April 30, 2025:

Warrant derivative liability at October 31, 2024	$	89,580
Foreign currency translation adjustment		1,923
Change in fair value of warrant derivative liability		43,589
Warrant derivative liability at April 30, 2025	$	135,092

The fair value of the warrants issued in the $CDN 0.11 Unit private placement was revalued to be $135,092 based on the Black-Scholes pricing model using a risk-free interest rate of 3.67%, expected volatility of 36.89%, dividend yield of 0%, and a contractual term of 3.50 years adjusted for the liquidity of the Company’s common stock to be received on exercise of the warrants as of April 30, 2025.

The following is a summary of the Company’s warrant derivative liability at April 30, 2024:

Warrant derivative liability at October 31, 2023	$	78,088
Foreign currency translation adjustment		927
Change in fair value of warrant derivative liability		66,041
Warrant derivative liability at April 30, 2024	$	145,056

The fair value of the warrants issued in the C$ 0.11 Unit private placement was determined to be $145,056 based on the Black-Scholes pricing model using a risk-free interest rate of 4.78%, expected volatility of 40.01%, dividend yield of 0%, and a contractual term of 4.5 years adjusted for the liquidity of the Company’s common stock and resale restrictions on the shares to be received on exercise of the warrants as of April 30, 2024.