Aftermath Silver Completes Final Payment for the Berenguela Silver-Copper-Manganese Project
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On November 24, 2025, Aftermath Silver announced it has completed the final payment for the acquisition of the Berenguela silver-copper-manganese project in Peru, securing 100% ownership. The final payment of US$1.55 million was made to SSR Mining Inc. ahead of the November 2026 due date. The company negotiated a US$100,000 reduction from the original US$1.65 million amount for the early payment.
Critically, SSR Mining also agreed to waive the requirement for Aftermath to complete a Pre-Feasibility Study (PFS) as a condition of the acquisition. Following the completion of the acquisition, Aftermath's CEO stated the company is now initiating a comprehensive PFS for Berenguela.
This news is a material positive and a significant de-risking event for Aftermath Silver. By securing 100% ownership of its flagship Berenguela project, the company has eliminated the primary overhang and risk associated with the staged acquisition agreement.
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Execution and Financial Prudence: The company has demonstrated a consistent pattern of proactive financial management by making property payments early throughout 2025 (January 7, June 5, and now the final payment). Completing the final payment nearly a year ahead of schedule and securing a US$100,000 discount, while minor, reflects well on management's ability to execute and negotiate favorable terms.
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Removal of a Key Condition: The waiver of the PFS completion requirement by SSR Mining is a significant positive. This removes a potential stumbling block and gives Aftermath full control over the project's development timeline without external pressure or deadlines from the vendor. It simplifies the path forward and allows management to conduct the PFS on its own terms.
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Shift in Focus to Development: With the acquisition now complete, the company's narrative officially shifts from acquisition and exploration to development. The CEO's statement that they are now "initiating a comprehensive pre-feasibility study" signals the start of the next major value-creation phase. This provides investors with a clear catalyst path for the project.
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Comparison to Expectations: While the final payment was an expected future event, its completion ahead of schedule and with favorable concessions (discount, waiver) exceeds expectations. This successful conclusion to a multi-year acquisition process solidifies the company's position as a serious developer.
However, a critical analyst must note that the company has been indicating that a revised Mineral Resource Estimate (MRE) for Berenguela was "underway" since May/June 2025. The MRE has not yet been released, and the initiation of a PFS before an updated resource is published is an unusual sequence. This delay in the MRE is a point of concern that needs to be monitored.
Aftermath Silver Ltd. is a Canadian junior exploration and development company focused on silver and critical metals projects in Latin America. Its flagship asset is the Berenguela Silver-Copper-Manganese Project in the Puno Department of southern Peru. Berenguela is a carbonate replacement deposit with a significant historical resource containing not only silver and copper but also large amounts of manganese, which the company is positioning as a potential source of high-purity manganese sulphate for the electric vehicle battery market. The company also holds the Challacollo (silver-gold) and Cachinal (silver-gold) projects in Chile.