Aftermath Silver and EMX Royalty Corp Amend Payment Schedule for Berenguela Project Ag-Cu-Mn, Peru
FOR IMMEDIATE RELEASE December 2, 2022
(AAG2022 – NR #19)
Aftermath Silver and EMX Royalty Corp Amend Payment Schedule for Berenguela
Project Ag-Cu-Mn, Peru
Vancouver, BC, December 2, 2022. Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) (TSX -V:
AAG) (OTCQX: AAGFF) is pleased to provide an update on its Berenguela silver-copper-manganese project
in southern Peru (the “Project” or “Berenguela”). The Company has an option (the “Option”) to acquire a
100% interest in the Project through binding agreements with SSR Mining Inc. (“SSR”) (see AAG news
release dated October 21, 2020 for further details regarding the original option with SSR) and EMX Royalty
Corporation (“EMX”) following EMX’s assumption of certain interests contained in Aftermath’s agreement
with SSR. The Project is located in the Department of Puno, in southern central Peru.
EMX has agreed to defer a US$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.
In consideration for these deferrals, Aftermath has agreed to pay EMX an additional US$400,000 and will
grant EMX a right of first refusal on any royalties that the Company may elect to sell.
Ralph Rushton, President and CEO of Aftermath commented: "I'd like to thank David Cole and the team at
EMX for working with us to adjust the terms of our agreement. Aftermath intends to focus its resources on
the technical development of the Berenguela project and I look forward to reporting on progress as we
work toward completion of a preliminary economic analysis.”
EMX's interest in Berenguela resulted from EMX’s acquisition of a portfolio of royalty interests and
payments from SSR and certain of its subsidiaries (see EMX news releases dated July 29 and Oct ober 21,
2021). Aftermath Silver's payment obligations, which arise pursuant to a definitive acquisition agreement,
originally executed with SSR totalling US$13-million and other consideration to acquire a 100% interest in
the Project, are summarized below (as now amended):
• The following represent the remaining payments to EMX:US$2.5-million cash to be paid on the
second anniversary of the initial closing date (i.e. November 2022) now deferred until November
2023;
• US$3-million cash to be paid on the fourth anniversary of the initial closing date (i.e. November
2024);
• US$3.25-million cash to be paid on the sixth anniversary of the initial closing date (i.e. November
2026);
• A sliding-scale NSR royalty on all mineral production from the Project for the life of mine
commencing at the declaration of commercial production, and based on the following:
o 1.0% NSR royalty on all mineral production when the silver market price is up to and
including US$25 per ounce;
o 1.25% NSR royalty on all mineral production when the silver market price is over US$25
per ounce and when the copper market price is above US$2 per pound.
Adoption of New Option Plan
The Company also wishes to report that it has adopted, and the TSX Venture Exchange has approved, a
10% fixed stock option plan (the “ Plan”) that will allow the Company to grant up to 17,117,174 stock
options to eligible participants under the Plan. The Plan is the only security based compensation plan of the
Company currently in place.
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 consents to the information provided in the form and context in
which it appears.
About EMX Royalty Corp.
EMX is a precious, base and battery metals royalty company. EMX's investors are provided with discovery,
development and commodity price optionality, while limiting exposure to risks inherent to operating
companies. The company's common shares are listed on the NYSE American Exchange and TSX Venture
Exchange under the symbol EMX, as well as on the Frankfurt exchange under the symbol 6E9
About Aftermath Silver Ltd.
Aftermath Silver 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 advancem ent. 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts 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 result s,
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. The Company cautions investors that any forward -looking
information provided by the Compa ny is not a guarantee of future results or performance and that such
forward-looking information is based upon a number of estimates and assumptions of management in light
of management’s experience and perception of trends, current conditions and expected developments, as
well as other factors that management believes to be relevant and reasonable in the circumstances as of
the date of this news release including, without limitation, that the Company will be able to meet its revised
obligations under the Option; that general business and economic conditions will not change in a material
adverse manner; and assumptions regarding political and regulatory stability and stability in financial and
capital markets.
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 expressed 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 exploration results; continued availability of cap ital and
financing; 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 d ata 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 NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards, 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, 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.