New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Feb 13
Aftermath Silver Ltd. Launches Berenguela Pre-Feasibility Study Aftermath Silver Ltd. announced the commencement of a Pre-Feasibility Study for its Berenguela silver- copper-manganese project in southern Peru, marking a key milestone in the Company's strategy to advance the Project toward a production decision. The decision to advance Berenguela to a PFS follows the completion of a CAD 20 million equity financing and an 82-hole infill drilling program completed in 2025 that intercepted mineralization in 95% of the holes. The updated Mineral Resource Estimate materially improved confidence in the geological model and confirmed robust silver and copper mineralization across key zones, underpinning the Project's progression to the next stage of development. The PFS will build on the improved geological confidence delivered by the infill drilling program and represents the next major milestone on the Company's development pathway. Announcement • Feb 03
Aftermath Silver Ltd. Announces Executive Changes Aftermath Silver Ltd. announce the appointment of Mr. Danny Keating as Chief Operating Officer ("COO"). Mr. Keating is a Mining Engineer with 30 years of experience in mine development, processing and project execution. His appointment strengthens the Company's operational leadership as Berenguela enters a key phase of technical evaluation and de-risking.Michael Parker, a director of the company and Aftermath's current COO and Qualified Person, has been appointed to the role of Technical Director leading the Peruvian team and overseeing the exploration and development of Aftermath's Chilean projects.Danny Keating Chief Operating Officer: Mr. Keating has held senior executive roles, including CEO of TSX-V-listed Giyani Metals, an advanced manganese battery metals company, as well as leadership positions with Alufer Mining, Dynamic Mining and ASX-listed Lindian Resources. He began his career with Anglo American and Gold Fields and later worked in investment banking and corporate finance with Collins Stewart and ABN AMRO. Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed and approved the technical content of this news release and the form and context in which it appears. Announcement • Jan 17
Aftermath Silver Ltd. Files Technical Report on the Berenguela Silver-Copper- Manganese Deposit Aftermath Silver Ltd. has filed a technical report (the "Berenguela Technical Report") on the Berenguela silver-copper-manganese deposit located in the Department of Puno in southern Peru. The Report presents a new Mineral Resource Estimate for the Berenguela Silver-Copper- Manganese Project together with recommendations for further metallurgical and engineering work with the objective of completing a preliminary feasibility study during 2026. The company is now proceeding to initiate advanced engineering work on the project focused on commercializing the flowsheets for silver, copper and zinc recovery and the potential manganese products, which include battery grade manganese sulphate (MnSO4). The Berenguela Technical Report, titled "NI 43-101 Technical Report, Mineral Resource Estimate for theerenguela Project Province of Lampa, Department of Puno, Peru", is filed in accordance with National Instrument 43-101 ("NI 43-101") and was completed by BBA International (Canada) Inc. ("BBA"), with an effective date of November 30, 2025. The Qualified Persons for the Berenguela Technical Report are D. Nussipakynova, P. Geo. (BC & ON), D. Evangelista, P.Eng. (BC), and B. Arthur, PE (SME-Registered Member). Mineral Resource Estimate. Table 1. The Company owns 100% interest in the Berenguela Ag-Cu-Mn project located in the Department ofpuno, in southern central Peru. A current NI 43-101 mineral resource estimate was published on December 4, 2025 and a NI43-101 Technical Report was published January 16, 2026. Challacollo Silver-Gold project. The Company owns a 100% interest in the Challacollo silver-gold project which was acquired from Mandalay Resources; see Company news release dated August 11, 2022. A NI 43-101 mineral resource was released on December 15, 2020 (available on SEDAR and the Company's web page). The Company is currently drilling at Challacollo. Cachinal Silver-Gold project. The company owns a 100% interest in The Cachinal Ag-Au project, located 2.5 hours south of Antofagasta. On February 15, 2023, Aftermath announced it had signed a Share Purchase Agreement an agreement to sell Cachinal to Honey Badger Silver Inc. On September 16, 2020, the Company released a CIM compliant Mineral Resource and accompanying NI 43-101 Technical Report. Announcement • Jan 06
Aftermath Silver Ltd. (OTCPK:AAGF.F) completed the acquisition of Berenguela Silver-Copper Project from SSR Mining Inc. (TSX:SSRM). Aftermath Silver Ltd. (OTCPK:AAGF.F) entered into a binding Letter of Intent to acquire Berenguela Silver-Copper Project from SSR Mining Inc. (TSX:SSRM) for $15.2 million on July 22, 2020. Aftermath Silver Ltd. signed a definitive acquisition agreement to acquire Berenguela Silver-Copper Project from SSR Mining Inc. on September 30, 2020. Aftermath Silver and SSRM have agreed to a total consideration of $13 million made in staged cash payments and CAD 3 million ($2.24094 million) in Aftermath Silver common shares as follows; $1 million deposit, to be paid within 48 hours of signing the LOI [(paid)]; $1 million cash on the initial closing date of the proposed transaction and CAD 3 million ($2.240946 million) in Aftermath common shares, using the volume weighted average share price five (5) trading days prior to the date of signing the acquisition agreement, capped a maximum 9.9% of Aftermath’s issued and outstanding , if any, to shares, with the remainder be paid in cash; $2.25 million cash to be paid on the 12-month anniversary date of initial closing; $2.5 million cash to be paid on the 24-month anniversary date of initial closing; $3 million cash to be paid on the 48-month anniversary date of initial closing; $3.25 million cash to be paid on the 72-month anniversary date of initial closing.
The agreement was amended on November 23, 2020. The total cash consideration will be decreased by $0.275 million to $12.725 million and increasing the total number of shares issued to CAD 3.36 million ($2.57 million). The Agreement will result in an additional 0.46 million common shares of Aftermath Silver being issuable to SSR Mining at a deemed price of $0.7835 per share for an aggregate of 4,287,049 common shares of Aftermath Silver.
Closing of the acquisition is subject to Aftermath Silver and SSRM having executed and delivered the acquisition agreement, SSRM having reacquired a 100% direct and indirect interest in the Berenguela silver-copper project from Valor Resources Limited, the approval of the TSX Venture Exchange and certain other customary closing conditions. The expected initial closing date of the transaction is November 30, 2020. As of November 23, 2020, initial closing took place. The final closing is expected on November 24, 2026.
As of January 14, 2021, the Company issued 346,279 common shares as a finders’ fee in connection with the acquisition of Berenguela Silver-Copper Project. As of November 29, 2021 EMX Royalty Corporation is pleased to announce receipt of a $2.25 million payment for the Berenguela silver-copper project in Peru from Aftermath Silver Ltd. As on December 2, 2022, EMX has agreed to defer a $2.5 million payment due from Aftermath Silver in November 2022 to maintain the Option in good standing for a period of 12 months such that this payment is now due in November 2023. On November 24, 2025, Aftermath Silver Ltd. (TSX-V: AAG) (OTCQX: AAGFF) (FSE:FLM1) is pleased to announce that it has completed the
final payment to complete the acquisition of the Berenguela silver-copper-manganese project ahead of the November 2026 due date.
Aftermath Silver Ltd. (OTCPK:AAGF.F) completed the acquisition of Berenguela Silver-Copper Project from SSR Mining Inc. (TSX:SSRM) on January 5, 2026. New Risk • Dec 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). 
