Aftermath Silver: Drilling Continues at Berenguela and Drilling Commences at Challacollo Silver Project

The latest news from December 10, 2025, announces that Aftermath Silver has commenced drilling programs at both its Berenguela silver-copper-manganese project in Peru and its Challacollo silver project in Chile.

Specifically: - A 4,000-meter diamond core and 2,000-meter RC drilling program is underway at Berenguela. The objectives are to follow up on high copper grades previously identified on the eastern side of the resource (as reported on February 27, 2025) and to conduct infill drilling in areas identified for potential initial mining operations. - A 1,000 to 2,000-meter core drilling program is set to begin imminently at Challacollo. The primary goal here is to investigate and expand the current mineral resource. - Ralph Rushton, President and CEO, highlighted the company's focus on these drilling activities, noting the opportune timing given current silver and copper prices. He expects to report the first assay results from both programs in Q1 2026. - The news references the recently updated Mineral Resource Estimate (MRE) for Berenguela (December 4, 2025), which reported a 21% increase in Measured and Indicated (M&I) contained silver to 122.5 million ounces. The Challacollo project currently holds an Indicated resource of 35.15 million ounces of silver.

This news is a positive operational update, demonstrating the company's continuous efforts to advance its key projects. It confirms the execution of planned activities following recent significant corporate developments.

Contextually, this release follows two highly material positive announcements: 1. December 4, 2025: A new NI 43-101 compliant MRE for Berenguela, showing a 21% increase in M&I contained silver to 122.5 Moz, along with significant copper and manganese. This substantially de-risked the Berenguela project by confirming and expanding its resource base. 2. November 24, 2025: Aftermath Silver completed the final payment for the Berenguela project ahead of schedule, securing 100% ownership and obtaining a waiver for the Pre-Feasibility Study (PFS) requirement from SSR Mining Inc. This solidified the company's control over its flagship asset and streamlined the development path.

The initiation of drilling programs is a logical and necessary next step after these previous material events. It aligns directly with the CEO's prior statements about advancing Berenguela towards a PFS and expanding resources at Challacollo. While positive, as it demonstrates progress and commitment, it does not introduce new unforeseen catalysts or discoveries that would fundamentally alter the investment thesis beyond what the MRE and acquisition news already established. The market reaction on the news day (2025-12-10) was neutral, with the stock closing unchanged after a significant run-up in previous days, suggesting this operational progress was largely anticipated or priced in.

Therefore, this news is classified as "Routine - Positive" because it confirms the ongoing development strategy and operational momentum, but it does not represent a "game-changer" or a new material shift compared to the recent resource upgrade and acquisition completion.

Aftermath Silver Ltd. (TSXV: AAG, OTCQX: AAGFF) is a Canadian-based mineral exploration and development company focused on critical metal projects in Latin America, primarily targeting silver, copper, and manganese. The company aims to position its flagship project, Berenguela, as a key supplier of high-purity manganese sulphate (HPMSM) for Western original equipment manufacturers (OEMs), in addition to producing silver and copper. It has been included in the TSX Venture 50 Index.

Flagship Project: Berenguela Silver-Copper-Manganese Project - Location: Altiplano of south-eastern Peru, Puno Department. - Mine Type: Carbonate Replacement Deposit. - Development Stage: Development, with a Pre-Feasibility Study (PFS) underway, and ongoing drilling programs aimed at resource definition and expansion. Metallurgical test work is being conducted to develop flow sheets for silver, copper, and manganese products, including battery-grade manganese. - Ownership: 100% interest acquired from SSR Mining Inc. (via EMX Royalty Corp.), with the final payment completed early on November 24, 2025, for US$1.55 million (a reduction from US$1.65 million). - Resource Estimate (NI 43-101, effective November 30, 2025, reported December 4, 2025): - Measured and Indicated (M&I): 51.55 million tonnes grading 73.9 g/t Ag (122.5 Moz contained Ag), 2.93 Mt Mn, 717.1 Mlb Cu, and 372.4 Mlb Zn. This represents a 21% increase in contained silver compared to the previous 2023 estimate. - Inferred: 14.33 million tonnes grading for 22.0 Moz contained Ag. - Royalties: Subject to a sliding scale Net Smelter Return (NSR) royalty on all mineral production for the life of mine, commencing at commercial production: 1.0% NSR when silver is up to US$25/oz, and 1.25% NSR when silver is over US$25/oz and copper is above US$2.00/lb.

Other Key Projects: - Challacollo Silver-Gold Project: Located in Region I, Northern Chile. A low sulphidation epithermal deposit. Indicated resource of 6.64 Mt @ 165 g/t Ag (35.15 Moz contained Ag). Currently undergoing a drilling program to expand its resource. Subject to a 3% NSR capped at $3,000,000. - Cachinal Silver-Gold Project: Located in Chile’s administrative Region II. An intermediate-sulphidation system. (Less active in recent news).