Ms. Ralph Rushton reports

AFTERMATH SILVER ANNOUNCES UPSIZE OF BROKERED LIFE OFFERING TO $20 MILLION, WITH PARTICIPATION BY ERIC SPROTT

Aftermath Silver Ltd., due to strong investor demand, has entered into an amending agreement with Research Capital Corp., as the sole bookrunner and co-lead agent (together with Red Cloud Securities Inc. as co-lead agent), to increase the size of its previously announced brokered, best efforts listed issuer financing exemption private placement offering to up to 22,222,250 common shares of the company at a price of 90 cents per common share for aggregate gross proceeds to the company of up to $20,000,025.

Eric Sprott, through 2176423 Ontario Ltd., has indicated his intention to participate in the offering for up to $10-million.

The net proceeds from the offering will be used to finance further exploration and development at the company's Berenguela silver-copper-manganese project in southern Peru, completion of a prefeasibility study for the Berenguela project, and further exploration at the company's other mineral projects, and for working capital and general corporate purposes, all as further described in the offering document (as defined below).

The common shares will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by CSA Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all provinces of Canada, except Quebec, and other qualifying jurisdictions, including the United States. The common shares offered under the listed issuer financing exemption will be immediately free trading upon closing of the offering under applicable Canadian securities laws.

There is an amended and restated offering document related to this offering that can be accessed under the company's profile on SEDAR+ and at the company's website. Prospective investors should read this offering document before making an investment decision.

The closing of the offering is expected to occur on or about Dec. 23, 2025, or on such date as the agents and company may agree upon. Closing is subject to the company receiving all necessary regulatory approvals, including the conditional approval of the TSX Venture Exchange. The option that was previously granted to the agents has been removed from the offering.

The agents will receive a cash commission of 6.0 per cent of the aggregate gross proceeds of the offering.

About Aftermath Silver Ltd.

Aftermath Silver is a leading Canadian junior exploration company focused on silver and critical metals that 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-per-cent 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 National Instrument 43-101 mineral resource estimate was published on Dec. 4, 2025. A National Instrument 43-101 technical report on the property will be filed shortly.

Challacollo silver-gold project

The company completed the acquisition of a 100-per-cent interest in the Challacollo silver-gold project from Mandalay Resources; see the company's news release dated Aug. 11, 2022. An NI 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR+ and the company's website).

Cachinal silver-gold project

The company owns a 100-per-cent interest in the Cachinal Ag-Au project, located 2.5 hours south of Antofagasta.

We seek Safe Harbor.