Aftermath Silver completes final payment for Berenguela

Executive Summary

• Aftermath Silver Ltd. has completed the final payment for the acquisition of the Berenguela silver-copper-manganese project, securing 100% ownership ahead of the November 2026 deadline.
• The company negotiated a $100,000 (U.S.) discount on the final payment, reducing it to $1.55-million (U.S.), and secured a waiver from SSR Mining Inc. regarding the obligation to file a prefeasibility study by November 23, 2025.
• Following the acquisition, Aftermath is initiating a comprehensive prefeasibility study for the project, which includes significant silver, copper, and manganese resources.

Key Details

• Transaction Completion: Aftermath fulfilled all payment obligations under the definitive acquisition agreement originally executed with SSR Mining Inc.
• Financial Terms:
  • Original total consideration: $13-million (U.S.) plus other consideration.
  • Final payment amount: $1.55-million (U.S.).
  • Discount secured: $100,000 (U.S.) due to early payment.
  • Counterparties: EMX Royalty Corp. (agreed to discount) and SSR Mining Inc. (agreed to waive prefeasibility study requirement).
• Regulatory/Study Waiver: SSR Mining Inc. waived Aftermath's obligation to complete and file a prefeasibility study by November 23, 2025, as required by the amended acquisition agreement.
• Future Plans: Aftermath is initiating a comprehensive prefeasibility study for Berenguela, contemplating production of silver, copper, and manganese.
• Mineral Resource Estimate Details:
  • Cut-off Grade: 80 grams per tonne (g/t) silver equivalent (AgEq), equating to a 3.55-per-cent manganese equivalent cut-off grade.
  • Mining Method: Conceptual open pit mining constraints.
  • Relative Value by Metal:
    • Manganese (Mn): 44%
    • Silver (Ag): 26%
    • Copper (Cu): 26%
    • Zinc (Zn): 4%
  • Pricing Basis: Metal prices for Agri-MnSO4 (noted to trade at a considerable discount to battery-grade manganese sulphate).
  • Model Status: Depleted for historical mining activities.
• Qualified Person: Michael Parker, Fellow of the AusIMM and non-independent director of Aftermath, reviewed the technical content.

Notable Quotes

• "I would like to thank David Cole and the team at EMX for working with us throughout the agreement, and SSR for its co-operation as we conclude the acquisition of Berengula. Making this final payment allows us to secure 100-per-cent ownership of the Berenguela silver-copper-manganese project for Aftermath but more importantly puts us in the driver seat of a what has become a very important critical metals project. We are initiating a comprehensive prefeasibility study for Berenguela contemplating production of silver, copper and manganese." — Ralph Rushton, President and CEO, Aftermath Silver Ltd.