Aftermath Silver: Drilling Continues at Berenguela and Drilling Commences at Challacollo Silver Project.
FOR IMMEDIATE RELEASE December 10, 2025
(AAG2025 – NR #17)
Aftermath Silver: Drilling Continues at Berenguela and Drilling Commences at
Challacollo Silver Project.
Vancouver, BC, December 10, 2025. Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”)
(TSX-V: AAG) (OTCQX: AAGFF) is pleased to announce that a targeted follow-up drill campaign
of 4,000m of diamond core drilling and 2,000m of RC drilling has started at its Berenguela silver-
copper-manganese project in Puno province, southern Peru.
Drilling is also begin ning this week at Aftermath's Challacollo silver-gold project in Region 1,
northern Chile, where approximately 1,000 - 2,000m of core drilling is planned (see Aftermath NR
dated September 23, 2025).
Ralph Rushton, President and CEO, commented “Aftermath is focused on drilling both Berenguela
and Challacollo, and considering the current silver price these programs should further highlight
Aftermath’ s exposure to silver. At Challocollo we're focused on investigating the potential to
expand the current resource. At Berenguela our objective is to follow up on the high copper grades
encountered on the eastern side of the resource (see new release dated Feb.27, 2025) and to infill
drill the area which is the most likely location of initial mining operations in the future. With the
prices of silver and copper climbing, it's an opportune time for us to be following up at Berenguela
and to advance Challacollo. I look forward to reporting the first assays from both programs in Q1
2026."
Berenguela Ag-Cu-Mn project
Berenguela is Aftermath's flagship project. Recent drilling has focused on infilling of the previous
NI 43 101 mineral resource (MRE) to convert inferred to measured and indicated resources. A new
MRE was published on December 4, 2025 (see NR dated CDec. 4, 2025 linked here). The current
drill program has three objectives:
1. To explore untested areas in the east and south-east zone of the known mineralisation where
the 2024-2025 drill campaign and historic drilling encountered high copper grades. This
includes the ‘Copper East’ target, identified in 2024/25 which returned longest copper
intercept drilled to date at 156m grading 1.12% Cu, 290 g/t Ag and 7.3% Mn, and the
highest silver intercept to date at 1.95m @ 14,252 g/t (1.43% Ag) from 29.30 to 31.25m
(news release dated Feb 27, 2025)
2. To upgrade part of the indicated resources to measured resources primarily in the western
and central domains where future mining is likely to initiate;
3. To further define the mineralization between the central and northern areas;
4. Collection of a bulk sample of mineralization by RC drilling for future metallurgical
testwork.
Aftermath has retained AK Drilling of Lima to complete the current planned drilling. AK will be
using a D800 drill rig which requires less site preparation and can drill in areas of steeper
topography.
About Berenguela
The host stratigraphy at Berenguela comprises folded thickly bedded, light grey limestones and
dolomitized limestones. Several large bodies of black massive, patchy, and fracture -controlled
manganese oxide replacement mineralization with associated silver, copper, and zinc enrichment,
occur in the folded limestones. Mineralization largely follows stratigraphy and is typically
conserved as eroded synform or antiform remnants, usually exposed at surface and with fold axes
trending 105-120 degrees. Drilling and resource modelling shows the mineralization to extend for
roughly 1,500m along strike and up to 400m wide.
Berenguela Mineral Resource Estimate
Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource Estimate at 137.40 USD NSR.
Resource
Classification
Tonnage
Mt
Grade Contained Metal
Ag Mn Cu Zn Ag Mn Cu Zn
g/t % % % Moz Mt Mlb Mlb
Measured 8.49 101 8.97 0.89 0.32 27.7 0.76 166.9 60.0
Indicated 43.06 68.5 5.04 0.58 0.33 94.9 2.17 550.2 312.5
Measured
and Indicated 51.55 73.9 5.69 0.63 0.33 122.5 2.93 717.1 372.4
Inferred 14.33 47.6 3.28 0.37 0.25 22.0 0.47 118.4 80
Source: Aftermath Silver News Release " Aftermath Silver Berenguela Silver-Copper-Manganese Project: Contained
Silver in Measured and Indicated Resources Increases by 21% to 122.5 Moz, with 22.0 Moz of Silver in Inferred
Resources" dated December 4, 2025 available here: https://aftermathsilver.c om/news-releases/aftermath-silver-
berenguela-silver-copper-manganese-project-contained-silver-in-measured-and-indicated-resources-increases-by/
Challacollo Ag-Au Project
About Challacollo
Challacollo is a low -sulphidation epithermal silver -gold system located in Region I in Northern Chile,
130km southeast of the major port city of Iquique and 50 km south of the town of Pica. The project is
approximately 30km east of the Pan American Highway , via Teck Resources’ Quebrada Blanca Copper
Mine access road. High voltage power transmission lines are located 15-30 km from the property, in part to
service nearby mines of Collahuasi and Quebrada Blanca. Challacollo is a highly prospective low -
sulphidation epithermal Silver-Gold vein deposit containing a substantial historic NI43-101 silver resource
(see Table 2). The Project includes water rights.
Aftermath is planning an initial 7 - to 10-hole diamond core program of up to 2,000 metres total drilling.
Previous drilling concentrated on the principal vein (Lolon vein) to a depth of 200m below surface. The
oxidation level at Challacollo bottoms at appr oximately 200m below surface. The down-dip extent of the
mineralized structures remains unknown. Gold and base metal grades are generally observed to increase at
depth. The main objectives for the program are:
1. Investigate potential to expand the existing resource at Challacollo by extending some of known
veins down dip and along strike;
2. Begin initial drill testing of previously known but untested veins and new drill targets, and
3. Confirm several previous RC hole results to obtain supplementary geological and metallurgical
information.
Table 2. 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
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 and approved the
technical content of this news release and the form and context in which it appears.
About Aftermath Silver Ltd.
Aftermath Silver Ltd. is a leading Canadian junior exploration company focused on silver and critical
metals which aims to deliver shareholder value through the discovery, acquisition and development of
quality silver and critical metal 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.
• Berenguela Silver-Copper-Manganese project. The Company has acquired the rights to a 100%
interest in Berenguela through a binding agreement with SSR Mining and EMX Royalties. The
project is located in the Department of Puno, in southern central Peru. A current NI 43-101 mineral
resource estimate was published on December 4, 2025. A NI43-101Technical Report on the property
will be filed shortly.
• Challacollo Silver-Gold project. The Company completed the acquisition of a 100% interest in the
Challacollo silver-gold project 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).
• Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag-Au project,
located 2.5 hours south of Antofagasta.
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”,
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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, in cluding 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.