As previously reported, Silver Bull began international arbitration proceedings against Mexico under the United States-Mexico-Canada Agreement and the North American Free Trade Agreement. The arbitration was initiated under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States process, which falls under the auspices of the World Bank's International Centre for Settlement of Investment Disputes, to which Mexico is a signatory.

A statement noted the arbitration arises from Mexico's actions and omissions with respect to the illegal blockade of Silver Bull's Sierra Mojada project, which began in September 2019, and remains ongoing.

As directed by the Arbitration Tribunal, upon completion of the hearing on Oct. 10, 2025, in Washington, D.C., the company and Mexico provided their post-hearing briefs on Nov. 21, 2025. The parties then filed their submissions on costs on Dec. 5, 2025, and updated submission on costs on April 13.

Thursday's statement said the tribunal has now advised the parties that it will render its final award, in both English and Spanish, by the end of May.

Sivler Bull shares closed up $0.02 to $0.33 on the Toronto Stock Exchange.

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