Aftermath closes $20-million private placement

Executive Summary

• Aftermath Silver Ltd. has closed a $20 million brokered best-effort private placement of 22,222,250 common shares, led by Research Capital Corp. and Red Cloud Securities Inc.
• Net proceeds will be directed toward exploration and development at the Berenguela project in Peru, completion of a prefeasibility study, additional project exploration, and working capital.
• A related party acquired 9.9 million shares, with the company relying on regulatory exemptions to bypass standard valuation and minority shareholder approval requirements to expedite the transaction.

Key Details

• Gross Proceeds: $20,000,025
• Shares Issued: 22,222,250 common shares
• Offering Price: $0.90 per share
• Agents: Research Capital Corp. (co-lead agent and sole bookrunner) and Red Cloud Securities Inc. (co-lead agent)
• Regulatory Exemption: Listed issuer financing exemption under Part 5A of National Instrument 45-106 and Coordinated Blanket Order 45-935
• Resale Restrictions: None under applicable Canadian securities laws
• Use of Proceeds: Further exploration and development at the Berenguela silver-copper-manganese project (Peru), completion of a prefeasibility study for Berenguela, further exploration at other mineral projects, working capital, and general corporate purposes
• Related Party Transaction: 9.9 million shares acquired by a related party; relied on exemptions from MI 61-101 and TSXV Policy 5.9 valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of market capitalization
• Material Change Report: Not filed 21 days prior to closing, deemed reasonable to expedite proceeds
• Agent Commission: Approximately $1.2 million paid in cash to the agents
• Regulatory Status: Subject to final approval of the TSX Venture Exchange
• Project Context: Berenguela project holds a 100% interest acquired via binding agreement with SSR Mining and EMX Royalties; NI 43-101 resource estimate published Dec. 4, 2025, with a technical report to be filed shortly.