Aftermath Silver Files Technical Report
FOR IMMEDIATE RELEASE January 16, 2026
(AAG2026 – NR #03)
Aftermath Silver Files Technical Report
Vancouver, BC, January 16, 2026 – Aftermath Silver Ltd. (the “Company” or “Aftermath Silver ”) (TSX-V:
AAG) (OTCQB: AAGFF) has filed a technical report (the "Berenguela Technical Report") on the Berenguela
silver-copper-manganese deposit located in the Department of Puno in southern Peru (“Berenguela” or the
“Project").
The Report presents a new Mineral Resource Estimate for the Berenguela Silver -Copper- Manganese
Project together with recommendations for further metallurgical and engineering work with the objective
of completing a preliminary feasibility study during 2026. The company is now proceeding to initiate
advanced engineering work on the project focused on commercializing the flowsheets for silver, copper
and zinc recovery and the potential manganese products, which include battery grade manganese sulphate
(MnSO4).
The Berenguela Technical Report, titled “NI 43 -101 Technical Report, Mineral Resource Estimate for the
Berenguela Project Province of Lampa, Department of Puno, Peru ”, is filed in accordance with National
Instrument 43‐101 (“NI 43‐101”) and was completed by BBA International (Canada) Inc. (“BBA”), with an
effective date of November 30, 2025. The Qualified Persons for the Berenguela Technical Report are D.
Nussipakynova, P. Geo. (BC & ON), D. Evangelista, P.Eng. (BC), and B. Arthur, PE (SME-Registered Member).
Mineral Resource Estimate
Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource at 137.40 USD NSR as of November 30 2025
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
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is November 30, 2025.
• The Qualified Person is Dinara Nussipakynova, P.Geo., of BBA International Inc.
• Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 2.
• No dilution or mining recovery applied.
• The NSR cut-off value of USD137.40 is based on the following:
a. Long-term metal prices for Ag $29.73/Oz, for HPMSM $2592/t, for Cu $4.34/Lb, Zn $1.21/Lb
b. Metallurgical recoveries are 94% for Ag, 85% for Mn, 90% for Cu, and 85% for Zn
c. Payability for Ag is 99.8%, for Mn 100%, for Cu 96.75%, for Zn 85%
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m3 for mineralized material and 2.14 tonnes/m3
for waste.
• Drilling results up to 28 February 2025.
• 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 historically mined out material.
• The relative value in the Mineral Resource by metal is approximately as follows: Ag -13 % Cu -11 %, Mn-75 %, Zn-1 %.
Source: BBA 2025
The Mineral Resource estimate used conceptual open-pit mining constraints and is presented in Table 1.
Mineral Resources are stated at a cut‐off grade of $137.40 NSR, determined based on economic
assumptions provided below. The approximate relative value in the Mineral Resource by metal is as
follows: Ag - 13%, Mn - 75%, Cu - 11%, Zn - 2%. The primary economic driver of the project is the high -
purity manganese sulphate monohydrate ( HPMSM) content. 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 Parameter Unit Value
Costs Mining $/t 2.4
Process $/t 135.0
General and Administrative $/t 2.4
Cut-off value (Process and
G&A) $/t 137.4
Commodity Prices HPMSM $/t 2,592
Silver $/oz 29.73
Copper $/lb 4.34
Zinc $/lb 1.21
Metallurgical
Recoveries Manganese % 85
Silver % 94
Copper % 90
Zinc % 85
Metal Content Manganese Mn in HPMSM 0.3249
Silver Ag in Doré 0.95
Copper Cu in Concentrate 0.6314
Zinc Zn in Concentrate 0.6038
Payability HPMSM % payable 100
Silver % payable 99.8
Copper % payable 96.75
Zinc % payable 85.00
Other Costs Land Freight $/t 33.44
Port Charges $/t 13.66
Sea Transport $/t 80.36
Royalty Silver Standard % Revenue 1.25
MMR Royalty % Revenue 1.00
Marketing % Revenue 0.50
Source: BBA, (2025).
Qualified Person
The Mineral Resource estimate , QA/QC review and data verification was completed by Ms Dinara
Nussipakynova, P.Geo., Principal Geologist with BBA who is the QP for the purpose of NI 43‐101 for all
technical information pertaining to the current Mineral Resource. Aftermath’s quality assurance and
quality control program was reviewed by the QP who has also reviewed the technical content of this news
release for Berenguela and has approved its dissemination.
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 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.
• Berenguela Silver-Copper project. The Company owns 100% interest in the Berenguela Ag-Cu-Mn
project located in the Department of Puno, in southern central Peru. A current NI 43 -101 mineral
resource estimate was published on December 4, 2025 and a NI43 -101 Technical Report was
published January 16, 2026.
• Challacollo Silver-Gold project. The Company owns a 100% interest in the Challacollo silver -gold
project which was acquired 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). The Company is currently drilling at Challacollo.
• Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag -Au project,
located 2.5 hours south of Antofagasta. On February 15, 2023, Aftermath announced it had signed
a Share Purchase Agreement an agreement to sell Cachinal to Honey Badger Silver Inc. On
September 16, 2020, the Company released a CIM compliant Mineral Resource and accompanying
NI 43-101 Technical Report (available on SEDAR and on the Company's web page).
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.