X0306 4 2016-02-23 0 0001031093 SILVER BULL RESOURCES, INC. SVBL 0001517699 Fallis Sean C. C/O SILVER BULL RESOURCES, INC. 925 WEST GEORGIA STREET, SUITE 1908 VANCOUVER A1 V6C 3L2 BRITISH COLUMBIA, CANADA 0 1 0 0 Chief Financial Officer Stock Option (Right to Buy) 0.055 2016-02-23 4 A 0 1100000 0.00 A 2016-02-23 2021-02-22 Common Stock 1100000 2550000 D Options were priced in CDN$ at CDN$0.075. Exercise price shown is in US$ and was converted based on the foreign currency exchange rate as of February 23, 2016 (CDN$1.00=US$0.7277). Options were granted on February 23, 2016 pursuant to the Silver Bull Resources, Inc. 2010 Stock Option and Stock Bonus Plan. This option to purchase common stock vests in three (3) annual installments of 366,666, 366,667 and 366,667. The first installment vests on the date of grant, the second installment vests on February 23, 2017, and the third installment vests on February 23, 2018. /s/ Sean C. Fallis 2016-02-24