Aftermath Silver Launches Berenguela Pre-Feasibility Study

Executive Summary

• Aftermath Silver announces the start of a Pre‑Feasibility Study (PFS) for the Berenguela Ag‑Cu‑Mn project in southern Peru.
• The PFS follows a C$20 million equity financing and an 82‑hole infill drilling program that intersected mineralization in 95% of holes, leading to a materially upgraded Mineral Resource Estimate.
• Berenguela now hosts Measured & Indicated resources of 122.5 Moz Ag and 717.1 Mlb Cu, plus a significant manganese component, supporting the move toward a production decision.

Key Details

• Financing: Completed C$20 million equity financing in 2025 to fund drilling and development work.
• Infill Drilling Program: 82 holes completed in 2025; mineralization intersected in 95% of holes, enhancing geological confidence.
• Resource Estimate (updated Dec 4 2025):
• Measured: 8.49 Mt @ 101 g/t Ag, 0.32 % Mn, 0.76 % Cu, 166.9 Mlb Zn – containing 27.7 Moz Ag, 0.76 Mlb Cu.
• Indicated: 43.06 Mt @ 68.5 g/t Ag, 0.33 % Mn, 2.17 % Cu, 312.5 Mlb Zn – containing 94.9 Moz Ag, 2.17 Mlb Cu.
• Combined Measured & Indicated: 51.55 Mt @ 73.9 g/t Ag, 0.33 % Mn, 2.93 % Cu, 372.4 Mlb Zn – containing 122.5 Moz Ag and 717.1 Mlb Cu.
• Inferred: 14.33 Mt @ 47.6 g/t Ag, 0.25 % Mn, 0.47 % Cu, 80.0 Mlb Zn – containing 22.0 Moz Ag, 0.47 Mlb Cu.
• Pre‑Feasibility Study: Initiated to evaluate economic viability; engineering consultancies will be appointed within the coming week.
• Future Exploration: Plans to drill additional targets at Berenguela and the Challacollo silver project in Chile to sustain exploration momentum.
• Qualified Person: Michael Parker, Fellow of the AusIMM and non‑independent director, reviewed and approved technical content per NI 43‑101.

Notable Quotes

“Aftermath is entering a transformational phase, supported by a strong balance sheet and a high‑confidence resource base… The results of our infill drilling and updated resource have provided the technical foundation to advance Berenguela to a Pre‑Feasibility Study.” – Ralph Rushton, President & CEO

Materiality Assessment: Material – Positive (significant advancement toward production, upgraded resource base, and commencement of a major feasibility study).