Aftermath Silver Ltd.

TSXV:AAG Stock Report

Market Cap: CA$225.1m

Aftermath Silver Management

Management criteria checks 3/4

Aftermath Silver's CEO is Ralph Rushton, appointed in Sep 2019, has a tenure of 6.83 years. total yearly compensation is CA$325.00K, comprised of 76.9% salary and 23.1% bonuses, including company stock and options. directly owns 0.15% of the company’s shares, worth CA$331.57K. The average tenure of the management team and the board of directors is 3.3 years and 6 years respectively.

Key information

Ralph Rushton

Chief executive officer

CA$325.0k

Total compensation

CEO salary percentage76.92%
CEO tenure6.8yrs
CEO ownership0.1%
Management average tenure3.3yrs
Board average tenure6yrs

Recent management updates

Recent updates

Narrative Update • May 24

Valuation Update (May 2026)

Valuation CAD Share Price Sensitivity Important note: Aftermath has no completed PEA/PFS economics yet , so this is not company guidance. This is only an illustrative FCF model using: Assumption Value Fully Diluted Shares 371,942,417 CAD/USD Exchange Rate 1.37 AISC Assumption US$35/oz Silver Price Case 1 US$150/oz Silver Price Case 2 US$200/oz FCF Margin Assumption Silver Price AISC FCF Margin / oz US$150/oz US$35/oz US$115/oz US$200/oz US$35/oz US$165/oz CAD Share Price Target — Per 1Moz Annual Production Silver Price Annual Production Annual FCF 10x FCF CAD/share 15x FCF CAD/share 20x FCF CAD/share US$150/oz 1Moz/year US$115M C$4.24 C$6.36 C$8.47 US$200/oz 1Moz/year US$165M C$6.08 C$9.11 C$12.15 CAD Share Price Target — Production Sensitivity Annual Production Silver Price Annual FCF 10x FCF CAD/share 15x FCF CAD/share 20x FCF CAD/share 2Moz/year US$150/oz US$230M C$8.47 C$12.71 C$16.95 2Moz/year US$200/oz US$330M C$12.15 C$18.22 C$24.30 3Moz/year US$150/oz US$345M C$12.71 C$19.07 C$25.42 3Moz/year US$200/oz US$495M C$18.22 C$27.34 C$36.45 5Moz/year US$150/oz US$575M C$21.18 C$31.77 C$42.36 5Moz/year US$200/oz US$825M C$30.37 C$45.56 C$60.74 Formula Used Step Formula FCF Margin / oz Silver Price – AISC Annual FCF FCF Margin / oz × Annual Production Valuation Annual FCF × FCF Multiple CAD Valuation USD Valuation × 1.37 CAD Share Price CAD Valuation ÷ Fully Diluted Shares Simple Interpretation At US$150 silver and US$35 AISC , every 1Moz/year of production could support around C$4.24/share at 10x FCF , C$6.36/share at 15x FCF , and C$8.47/share at 20x FCF.
Narrative Update • Sep 23

When silver hits $100/oz

🪙 Aftermath Silver Ltd. (AAG / AAGFF) – 2025 Update Latest official info Shares Outstanding (basic): ~302,529,011 (Issued & Outstanding as of May 15, 2025).
Narrative Update • Sep 18

When silver hits $100/oz

🪙 Aftermath Silver – Updated Valuation Analysis (2025) Key Projects Berenguela (Peru) Resource: ~140M oz silver (80 gpt) plus large manganese credits (potential 500M oz AgEq). Phase 2 drilling completed (82 holes, 5,329m); mineralization still open to the east.

CEO Compensation Analysis

How has Ralph Rushton's remuneration changed compared to Aftermath Silver's earnings?
DateTotal CompensationSalaryCompany Earnings
Feb 28 2026n/an/a

-CA$15m

Nov 30 2025n/an/a

-CA$15m

Aug 31 2025n/an/a

-CA$15m

May 31 2025CA$325kCA$250k

-CA$14m

Feb 28 2025n/an/a

-CA$12m

Nov 30 2024n/an/a

-CA$9m

Aug 31 2024n/an/a

-CA$7m

May 31 2024CA$240kCA$240k

-CA$7m

Feb 29 2024n/an/a

-CA$7m

Nov 30 2023n/an/a

-CA$8m

Aug 31 2023n/an/a

-CA$8m

May 31 2023CA$240kCA$240k

-CA$8m

Feb 28 2023n/an/a

-CA$9m

Nov 30 2022n/an/a

-CA$10m

Aug 31 2022n/an/a

-CA$9m

May 31 2022CA$240kCA$240k

-CA$9m

Feb 28 2022n/an/a

-CA$7m

Nov 30 2021n/an/a

-CA$7m

Aug 31 2021n/an/a

-CA$8m

May 31 2021CA$278kCA$278k

-CA$7m

Feb 28 2021n/an/a

-CA$6m

Nov 30 2020n/an/a

-CA$5m

Aug 31 2020n/an/a

-CA$4m

May 31 2020CA$108kCA$108k

-CA$3m

Compensation vs Market: Ralph's total compensation ($USD229.32K) is below average for companies of similar size in the Canadian market ($USD517.43K).

Compensation vs Earnings: Ralph's compensation has increased whilst the company is unprofitable.

CEO

Ralph Rushton (63 yo)

6.8yrs
Tenure
CA$325,000
Compensation

Mr. Ralph W. Rushton, M.Sc (Economic Geology), is an Independent Director at Electrum Discovery Corp (formerly Medgold Resources Corp.) since March 30, 2009. He served as Director at Metallum Resources Inc...

Leadership Team

NamePositionTenureCompensationOwnership
Michael Williams
Executive Chairman & VP15.4yrsCA$262.50k0.58%
CA$ 1.3m
Ralph Rushton
CEO, President & Director6.8yrsCA$325.00k0.15%
CA$ 331.6k
Alastair Brownlow
Chief Financial Officer6.1yrsCA$90.00kno data
Michael Parker
Technical Director & Directorless than a yearCA$308.02k0.078%
CA$ 175.7k
Danny Keating
Chief Operating Officerless than a yearno datano data
3.3yrs
Average Tenure
62yo
Average Age

Experienced Management: AAG's management team is considered experienced (3.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Michael Williams
Executive Chairman & VP15.4yrsCA$262.50k0.58%
CA$ 1.3m
Ralph Rushton
CEO, President & Director6.8yrsCA$325.00k0.15%
CA$ 331.6k
Michael Parker
Technical Director & Director5.1yrsCA$308.02k0.078%
CA$ 175.7k
David Terry
Independent Director8yrsCA$35.00k0.029%
CA$ 65.9k
Keenan Hohol
Independent Director7.9yrsCA$35.00k0.031%
CA$ 69.2k
Michael Groen
Member of Advisory Boardless than a yearno datano data
David Bellon
Member of Advisory Boardless than a yearno datano data
James Story
Member of Advisory Boardless than a yearno datano data
6.0yrs
Average Tenure
62yo
Average Age

Experienced Board: AAG's board of directors are considered experienced (6 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/09 23:23
End of Day Share Price 2026/07/09 00:00
Earnings2026/02/28
Annual Earnings2025/05/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

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Analyst Sources

Aftermath Silver Ltd. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.