Vancouver, British Columbia — January 16, 2026 — Leads & Copy — Aftermath Silver Ltd. has filed a technical report on the Berenguela silver-copper-manganese deposit in southern Peru.
The Berenguela Technical Report presents a new Mineral Resource Estimate for the Berenguela Silver-Copper-Manganese Project. It also provides recommendations for further metallurgical and engineering work with the goal of completing a preliminary feasibility study during 2026.
The company is initiating advanced engineering work on the project. The focus will be on commercializing flowsheets for silver, copper, and zinc recovery, as well as potential manganese products, including battery-grade manganese sulphate (MnSO4).
The technical report, titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Berenguela Project Province of Lampa, Department of Puno, Peru”, complies with National Instrument 43‐101 (“NI 43‐101”). BBA International (Canada) Inc. (“BBA”) completed the report, which has an effective date of November 30, 2025. D. Nussipakynova, P. Geo. (BC & ON), D. Evangelista, P.Eng. (BC), and B. Arthur, PE (SME-Registered Member) are the Qualified Persons for the report.
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.
According to Table 1, the Berenguela Ag-Cu-Mn deposit Mineral Resource at 137.40 USD NSR as of November 30 2025, the measured resources include 8.49 Mt of tonnage, grades of 101 g/t Ag, 8.97% Mn, 0.89% Cu and 0.32% Zn, and contained metal of 27.7 Moz Ag, 0.76 Mt Mn, 166.9 Mlb Cu and 60.0 Mlb Zn. Indicated resources include 43.06 Mt of tonnage, grades of 68.5 g/t Ag, 5.04% Mn, 0.58% Cu and 0.33% Zn, and contained metal of 94.9 Moz Ag, 2.17 Mt Mn, 550.2 Mlb Cu and 312.5 Mlb Zn. Measured and Indicated resources include 51.55 Mt of tonnage, grades of 73.9 g/t Ag, 5.69% Mn, 0.63% Cu and 0.33% Zn, and contained metal of 122.5 Moz Ag, 2.93 Mt Mn, 717.1 Mlb Cu and 372.4 Mlb Zn. Inferred resources include 14.33 Mt of tonnage, grades of 47.6 g/t Ag, 3.28% Mn, 0.37% Cu and 0.25% Zn, and contained metal of 22.0 Moz Ag, 0.47 Mt Mn, 118.4 Mlb Cu and 80 Mlb Zn.
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.
Aftermath Silver Ltd. is focused on silver exploration. The company aims to increase shareholder value through the discovery, acquisition, and development of quality silver projects in stable jurisdictions. Aftermath has a pipeline of projects at various stages of advancement, selected based on growth and development potential.
The company has a 100% interest in the Berenguela Ag-Cu-Mn project 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.
Aftermath also owns a 100% interest in the Challacollo silver-gold project, acquired from Mandalay Resources. A NI 43-101 mineral resource was released on December 15, 2020. The company is currently drilling at Challacollo.
Additionally, Aftermath holds a 100% interest in the Cachinal Ag-Au project. On February 15, 2023, Aftermath announced 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.
Ralph Rushton, CEO and Director of Aftermath Silver Ltd., can be reached at 604-484-7855.
Source: Aftermath Silver Ltd.
