X0306 4 2017-04-06 0 0001031093 SILVER BULL RESOURCES, INC. SVBL 0001517699 Fallis Sean C. C/O SILVER BULL RESOURCES, INC. 777 DUNSMUIR STREET, SUITE 1610 VANCOUVER A1 V7Y 1K4 BRITISH COLUMBIA, CANADA 0 1 0 0 Chief Financial Officer Stock Option (Right to Buy) 0.09 2017-04-06 4 A 0 1100000 0.00 A 2022-04-05 Common Stock 1100000 1100000 D Options were priced in CDN$ at CDN$0.125. Exercise price shown is in US$ and was converted based on the foreign currency exchange rate as of April 6, 2017 (CDN$1.00=US$ 0.7458). 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 April 6, 2018, and the third installment vests on April 6, 2019. /s/ Sean C. Fallis 2017-04-10