Mr. Ralph Rushton reports

AFTERMATH CLOSES $20 MILLION FINANCING, WITH PARTICIPATION BY ERIC SPROTT

Aftermath Silver Ltd. has closed its previously announced brokered best effort private placement of 22,222,250 common shares for gross proceeds of $20,000,025. The offering was led by Research Capital Corp. as co-lead agent and sole bookrunner and Red Cloud Securities Inc. as co-lead agent.

The offering was completed by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) and in reliance on the amendments to Part 5A of NI 45-106 set forth in Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The shares offered under the listed issuer financing exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

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, further exploration at the company's other mineral projects, and for working capital and general corporate purposes.

A related party of the company acquired 9.9 million shares pursuant to the offering. The issuance of such securities to this related party is considered to be a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) as the fair market value of the securities issued to such party does not exceed 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related-party transaction at least 21 days prior to the closing of the offering, which the company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the offering in an expeditious manner.

In connection with the offering, the company paid the agents a cash commission of approximately $1.2-million. The offering is subject to the final approval of the TSX Venture Exchange.

About Aftermath Silver Ltd.

Aftermath is a leading Canadian junior exploration company focused on silver and critical metals which aim 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 NI 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 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 web page).
• Cachinal silver-gold project: The company owns a 100-per-cent interest in the Cachinal silver-gold project, located 2.5 hours south of Antofagasta.

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