File: '\\swfile\EmailIn\20240812 134459 Attachment 08 13 Debt extension.docx'

Silver Bullet Mines Provides Update on Debt Extensions and MSHA Work

August 12, 2024 - Burlington, Ontario - Silver Bullet Mines Corp. (TSXV:SBMI and OTCQB:SBMCF) ('SBMI' or 'the Company') is pleased to provide an update on the extension of outstanding notes and other matters.

During fiscal 2021, the Company issued a note payable with a face amount of CDN$319,575 denominated in United States dollars (USD$250,000) as partial consideration for the purchase of the mill site in Arizona. The Company has negotiated an extension of the maturity date of this note to February 9, 2025. As consideration for the extension, the Company has agreed to pay an extension fee of USD$20,000.

On June 30, 2024 a convertible note to an arm's length third party in the amount of CDN$600,000 became due. The lender has since advised it wishes to convert $25,000.00 of such notes into common shares of the Company, at the pre-agreed price of $0.10 per share. The Company and the lender are in ongoing discussions with a view to determining a new due date for the remaining balance of such note. The Company is reasonably optimistic it will reach commercially satisfactory terms with the lender.

The Company continues its discussions with the owner of the 30,000 t stockpile with a view to creating a mutually beneficial relationship for the processing by SBMI of such stockpile. Any capital expenditures on additions to the mill will depend upon the terms of such relationship.

Finally, the Company advises that the field team in Arizona diligently continues with rockbolting in the Buckeye Silver Mine, as required by the Mine Safety and Health Administration.

For further information, please contact:

John Carter

Silver Bullet Mines Corp., CEO

cartera@sympatico.ca

+1 (905) 302-3843

Peter M. Clausi

Silver Bullet Mines Corp., VP Capital Markets

pclausi@brantcapital.ca

+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented 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 include assumptions, and are subject to inherent risks and uncertainties that could 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 out in this new release, SBMI will also set out 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 that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI's properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.