Aftermath Silver Completes Final Payment for the Berenguela Silver-Copper-Manganese Project
1402-7111-4778, v. 2
FOR IMMEDIATE RELEASE November 24, 2025
(AAG2025 – NR #15)
Aftermath Silver Completes Final Payment for the
Berenguela Silver-Copper-Manganese Project
Vancouver, BC, November 24, 2025. Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”)
(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(“Berengula”) ahead of the November 2026 due date.
In return for early payment, EMX Royalty Corporation ("EMX") agreed to reduce the final payment
by US$100,000 to US$1.55-million, and SSR Mining Inc. ("SSR") concurrently agreed to waive
Aftermath's obligation to complete and file a Pre-Feasibility Study by November 23, 2025 as would
have been required by the amended Berenguela Acquisition Agreement.
Aftermath has now fulfilled all payment obligations under the Acquisition Agreement and looks
forward to working with SSR to complete the transfer of ownership of Berengeula.
Ralph Rushton, President and CEO of Aftermath commented: "I would like to thank David Cole and
the team at EMX for working with us throughout the agreement , and SSR for its cooperation as we
conclude the acquisition of Berengula. Making this final payment allows us to secure 100%
ownership of the Berenguela silver -copper-manganese project for Aftermath but more importantly
puts us in the driver seat of a what has become a very important critical metals projec t. We are
initiating a comprehensive pre-feasibility study for Berenguela contemplating production of silv er,
copper and manganese."
Deal Terms
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
October 21, 2021). Aftermath has completed its payment obligatio ns, 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.
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Current Berenguela Mineral Resource Estimate
Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource as of 31 January 2023
Resource Classification Tonnage
Mt
Grade Contained Metal
Ag Mn Cu Zn Ag Mn Cu Zn
g/t % % % Moz Mt Mlb Mlb
Measured 6.152 101 8.89 0.85 0.30 20.0 0.55 115.3 41.2
Indicated 34.024 74 5.60 0.63 0.34 81.2 1.90 473.7 258.1
Measured and Indicated 40.176 78 6.10 0.67 0.34 101.2 2.45 589 299.3
Inferred 22.287 54 3.57 0.42 0.25 38.8 0.8 204.3 122.8
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is 31 January 2023.
• The Qualified Person is Dinara Nussipakynova, P .Geo., of AMC Mining Consultants (Canada) Ltd.
• Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 2.
• No dilution or mining recovery applied.
• Silver equivalency (AgEq) formula is AgEq = Ag+ Cu%*121.905+Mn%*22.809+Zn%*41.463 based on the parameters in
Table 2.
• Cut-off grade is 80g/t AgEq.
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m 3 for mineralized material and 2.25 tonnes/m 3 for
waste.
• Drilling results up to 13 October 2022.
• 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.
• The relative value in the Mineral Resource by metal is as follows, Ag=26% Cu=26%, Mn=44%, Zn=4%.
Source: AMC, (2023)
The Mineral Resource estimate used conceptual open pit mining constraints for reporting purposes and is
presented in Table 1. Mineral Resources are stated at a cut‐off grade of 80 g/t silver equivalent (AgEq) which
equates to a 3.55% manganese equivalent cut-off grade. The relative value in the Mineral Resource by metal
is as follows, Ag=26%, Mn=44%, Cu=26%, Zn=4% using metal prices for Agri -MnSO4 which generally
trades at a considerable discount to battery grade manganese sulphate. The model is depleted for historical
mining activities. The assumptions for the open pit optimization exercise to constrain the Mineral Resource
and confirm reasonable prospects for eventual economic extraction are shown in Table 2.
Table 2. Assumptions for pit optimization
Activity Items Unit Value
Mining Mining (all types) $/t material 2.25
Pit slopes degrees 45
Processing Processing - Cost $/t ROM 41.0
Processing rate Mtpa 2.5
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Process Recoveries - Ag % 81.0
Process Recoveries - Cu % 81.0
Process Recoveries - Zn % 76.0
Process Recoveries - Mn % 81.0
Metal Prices Ag $/oz 22.50
Cu $/lb 4.00
MnSO4 (Agri-MnSO4) $/t 530
Zn $/lb 1.45
Other costs Admin and Support (G&A) $/t ROM 4.0
Land Freight $/t Product 30.0
Port Charges $/t Product 20.0
Marketing % of Revenue 0.50%
Royalty – Silver Standard % of Revenue 1.00%
Royalty – VDM Partners % of Cu revenue 2.00%
Other Conversion Mn:MnSO4 % 32
Source: AMC, (2023)
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 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 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
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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. Without limitation, any statements or
information that express or involve discussions with respect to the anticipated closing of the acquisition of the
Project, the 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”, “ant icipates”, “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.
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 , including,
without limitation, the risk that the Company will be unable to close the acquisition of the Project . 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; une xpected increases in capital
costs; exploitation and exploration 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.