AAG.V · 2025-09-23 12:00:00

Aftermath Silver Outlines Drill Plan for Challacollo Silver-Gold Project, Chile

Exploration Programs

FOR IMMEDIATE RELEASE September 23, 2025

(AAG2025 – NR #12)

Aftermath Silver Outlines Drill Plan for Challacollo

Silver-Gold Project, Chile

Vancouver, BC, September 23, 2025 – Aftermath Silver Ltd. (the “Company” or “Aftermath Silver ”)

(TSX-V: AAG) (OTCQX: AAGFF) is pleased to provide an outline of planned drilling for the Challacollo

Ag-Au project in Region 1 of northern Chile. Challacollo is a highly prospective low-sulphidation epithermal

Ag-Au vein deposit containing a substantial silver resource (see Table 1 below).

Aftermath is planning an initial 7 to 10-hole diamond core program for Q4 2025 (up to 2,000m total drilling).

Previous drilling concentrated on the principal vein (Lolón Vein) to a depth of about 200 m below surface.

The oxidation level at Challacollo bottoms at approximately 200 m below surface. The down-dip extent of

the mineralized structures remains unknown. Gold and base metal grades are generally observed to increase

at depth.

Ralph Rushton, President and CEO of Aftermath said: " We're excited to kick off our exploration at the

Challacollo silver-gold project, which gives Aftermath further silver exposure in addition to our flagship

Berenguela Project in Peru. Our objective at Challacollo is to expand and increase the mineral resource

and this is the first step toward that goal. I look forward to reporting on the results of the drilling toward

the end of this year."

Planned Drilling

The main objective of the planned program is to investigate the potential to a) expand the existing resource

at Challacollo by extending some of known veins down dip and along strike, b) initial drill testing of

previously known but untested veins and susp ected new veins on Aftermath's land package , and c) twin

some previous RC holes to obtain supplementary geological and metallurgical information. Specifically:

• Lolón North: The northern sector of the Lolón vein is still unexplored and is partially covered by

colluvial deposits. In the northern sector, which corresponds to the last vein outcrops, silver

mineralization may continue to depth. Drilling is targeted to cut the main vein at a vertical depth of

60 meters:

• Lucy North: silver-bearing veins identified to the west of the main Lolón vein. Drilling will also

target disseminated silver in the host rock. The structures have a similar orientation to the Lolón

vein and are located north of the Lucy vein:

• Palermo North: a replacement breccia with galena and significant silver values located to the north

of the Palermo North vein projection:

• Millsite vein: Testing for a structurally downthrown vein offset to the east of Lolón. Interpretation

suggests the mineralized should be encountered below 250 meters.

About Challacollo

Challacollo is located in Region I in Northern Chile, 130 km southeast of the major port city of Iquique and

50 km south of the town of Pica. The project is approximately 30 km east of the Pan American Highway,

via Teck Resources’ Quebrada Blanca Copper Mi ne access road. The project is 139 km southeast of the

major Pacific port city of Iquique. High voltage power transmission lines are located 15 -30 km from the

property, in part to service nearby mines of Collahuasi and Quebrada Blanca. The Project includes water

rights.

Table 1. Summary of the Mineral Resource Estimate for the Challacollo Silver-Gold Project

Classification Material

Type Tonnes (Kt) Silver (g/t) Gold (g/t) Silver (Koz) Gold (Koz)

Indicated

Open Pit 5,597 170 0.27 30,639 49

Underground 1,043 134 0.29 4,510 10

TOTAL 6,640 165 0.27 35,150 58

Inferred

Open Pit 2,360 117 0.15 8,912 11

Underground 443 157 0.26 2,232 4

TOTAL 2,803 124 0.17 11,144 15

Source: NI 43 -101 technical report for the Challacollo Mineral Resource Estimate prepared by AMC Mining

Consultants (Canada) Ltd, announced on December 15, 2020, titled "Aftermath Silver Announces Mineral Resource

Estimate for Challacollo Silver-Gold Project, Chile, linked here:

https://aftermathsilver.com/site/assets/files/5659/techreport_challacollo_resource_estimate.pdf

Notes on the Challacollo Mineral Resource Estimate

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.

• The effective date of the estimate is 30 November 2020.

• The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd.

• Mineral Resources are constrained by an optimized pit shell at a long-term metal price of US$20/oz

Ag with recovery of 92% Ag and metal price of US$1,400/oz Au with recovery of 75%.

• Silver equivalency formula is AgEq (g/t) = Ag (g/t) + 57.065 *Au (g/t).

• The open pit mineral resources are based on a pit optimization using the following assumptions:

⎯ Plant feed mining costs of US$3.5/t and waste mining cost of $2.5/t.

⎯ Processing costs of US$17/t and General and Administration costs of $2.5/t.

⎯ Edge dilution of 7.5% and 100% mining recovery.

⎯ 45-degree slope angles

⎯ Cut-off grade is 35 g/t AgEq g/t.

• The underground mineral resources are reported within Datamine MSO stopes based on the

following assumptions:

⎯ Mining costs of US$35/t.

⎯ Processing costs of US$17/t and General and Administration costs of US$2.5/t.

⎯ Minimum width of 2.5 m

⎯ No dilution or mining recovery.

⎯ Cut-off grade is 93 AgEq g/t

• Bulk density used was 2.47 t/m3

• Drilling results up to 31 December 2016.

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• The numbers may not compute exactly due to rounding.

• Mineral Resources are depleted for historic mined out material.

Qualified person

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

the technical content of this news release and has approved the technical information provided in this

news release and the form and context in which it appears.

About Aftermath Silver Ltd

Aftermath Silver Ltd is a Canadian junior exploration company focused on silver and critical metals, and

aims to deliver shareholder value through the discovery, acquisition and development of quality mineral

projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of

advancement. The Companies projects have been selected based on growth and development potential.

Berenguela Silver-Copper-Manganese Project. The Company has an option to acquire a 100% i nterest

in Berenguela. The project is located in the Department of Puno, in southern central Peru. The company

recently completed its second round of drilling at Berenguela and is planning to advance the project through

engineering studies. PEA level engineering is currently underway.

Challacollo Silver-Gold Project. The Company owns a 100% interest in the Challacollo epithermal silver-

gold project through a binding agreement with Mandalay Resources, see Company news release dated June

27th, 201. The company will aggressively seek to grow the mineral resource.

About Aftermath Silver Ltd.

Aftermath Silver Ltd. is a leading Canadian junior exploration company focused on silver, and aims to

deliver shareholder value through the discovery, acquisition and development of quality silver projects in

stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The

Company's projects have been selected based on growth and development potential.

ON BEHALF OF THE BOARD OF DIRECTORS

“Ralph Rushton”

Ralph Rushton

CEO and Director

604-484-7855

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

Certain of the statements and information in this news release constitute “forward -looking information”

within the meaning of applicable Canadian provincial securities laws. Any statements or information that

express or involve discussions with respect to interpretation of exploration programs and drill results,

predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or

performance (often, but not always, using words or phrases such as “expects”, “is expected”,

“anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”,

“targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof

or stating that certain actions, events or results “may”, “ could”, “would”, “might” or “will” be taken,

occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of

historical fact and may be forward-looking statements or information.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual

results or events to differ materially from those anticipated in such forward‐looking statements. Although

the Company believes the expectations express ed in such forward‐looking statements are based on

reasonable assumptions, such statements are not guarantees of future performance and actual results or

developments may differ materially from those in the forward‐looking statements. Factors that could cause

actual results to differ materially from those in forward‐looking statements include, but are not limited to,

changes in commodities prices; changes in expected mineral production performance; unexpected increases

in capital costs; exploitation and exp loration results; continued availability of capital and financing;

differing results and recommendations in the Feasibility Study; and general economic, market or business

conditions. In addition, forward‐looking statements are subject to various risks, including but not limited to

operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or

inaccurate. The reader is referred to the Company’s filings with the Canadian securities regulators for

disclosure regarding these and other risk factors, accessible through Aftermath Silver’s profile at

www.sedar.com.

There is no certainty that any forward‐looking statement will come to pass, and investors should not place

undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to

any of the forward‐looking statements in this release, except as required by law.

Cautionary Note to US Investors - Mineral Resources

This News Release has been prepared in accordance with the requirements of Canadian National

Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute

of Mining, Metallurgy and Petroleum Definition Standard s, which differ from the requirements of U.S.

securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes

standards for all public disclosure an issuer makes of scientific and technical information concerning

mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the

requirements of the United States Securities and Exchange Commission (the "SEC"), and information

concerning mineralization, deposits, mineral reserve and resource information contained or referred to

herein may not be comparable to similar information disclosed by U.S. companies.