Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or the “Company”) is pleased to announce that it has shipped its first commercial quantity of gold and silver concentrate, retired significant convertible debt securities, and received cash from the exercise of warrants.
The high-grade gold/silver concentrate from the KT mine in Arizona was collected from the mill on Thursday, October 23., 2025 for transport to the Customer. This is the first of what is expected to be frequent scheduled shipments. No tariff issues are expected with this shipment.
SBMI invoiced the customer for the value of the concentrate based on SBMI’s internal test results. The Company and Customer have agreed that for this initial shipment, payment of invoice will be made to SBMI upon receipt of final testing from Customer’s testing facility. Should there be any significant discrepancies between SBMI’s test results and those of the Customer, the final invoice adjustment will be based on the referee’s test result; however, the Company does not anticipate any significant changes in the invoice amount upon final determination.
This represents significant revenue for the company. As A. John Carter, CEO of SBMI, said, “We have always said that SBMI is not in the business of putting holes in the ground. We are in the business of selling silver and gold. And we are there.”
SBMI is very pleased to have reached this monumental stage of development. The company continues to process material from the KT mine and expects to make regular concentrate shipments. The company plans to increase the quantity and frequency of shipments over time.
SBMI plans to increase the material processed daily through its 100% company-owned facility in Globe, Arizona, by expanding operating hours and realizing process efficiencies. The company is also working closely with its engineering group to expand plant capacity and build a flotation circuit to recover additional metals, including sulfide gold and silver. The company is pleased to have achieved this goal and will now focus on increasing recovery, plant expansion and development of the KT mine.
The company is also pleased to announce that convertible bonds issued in October 2024 have been fully converted into shares. This significantly reduces the debt on the Company’s balance sheet. This is the second conversion of bonds in 2025, following the conversion of convertible bonds issued in May 2024.
In addition, 2,830,000 warrants issued with convertible notes were exercised in October 2024, as well as 254,000 warrants issued with private placements, both at an exercise price of $0.16. This is quite encouraging as it provides the company with additional working capital and shows a high level of support for its business model.
SBMI is excited about the progress it is making and is confident that this success will continue, growing revenues through the development of its properties and utilizing all available resources to promote maximum revenue generation while controlling costs.
Finally, SBMI entered into an agreement with a consultant dated December 1, 2023, whereby the consultant would provide consulting services to SBMI for a period of thirty-six months at $10,000 per month, payable in shares of common stock from the treasury of SBMI. SBMI announces that pursuant to this agreement it has issued thirty-three thousand three hundred and thirty-three shares of common stock at $0.30, dated October 15, 2025.
Cautionary and forward-looking statements
This press release contains certain statements that may be forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts, but represent management’s current expectations of future events, and can be identified by words such as “believe,” “expect,” “will,” “intend,” “plan,” “project,” “anticipate,” “estimate,” “continue” and similar expressions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements involve assumptions and are subject to inherent risks and uncertainties that may cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set forth in this new press release, SBMI will also set forth the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes relating to forward-looking statements could be affected by many factors, including but not limited to: the impact of SARS CoV-2 or any other global pathogen; dependence on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain of materials that SBMI can use in the exploration and production and processing of mineralized material; the results of exploration and development activities; the results of mining and milling activities; shareholder and regulatory approvals; activities and attitudes of communities local to the location of SBMI properties; risks of future legal proceedings; income tax and tariff matters; fires, floods, snowfall, spring thaw and other natural phenomena; the inflation rate; counterparty risk relating to any purchaser of the Company’s products; availability and terms of financing; distribution of securities; prices of raw materials; currency fluctuations, especially between the USD and CDN; effect of market interest rates on the price of securities; and potential dilution. SARS CoV-2 and other potential global pathogens create risks that are currently immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271790
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