Mr. Ralph Rushton reports

AFTERMATH SILVER COMPLETES ACQUISITION OF BERENGUELA SILVER-COPPER-MANGANESE PROJECT IN PERU

Aftermath Silver Ltd. has completed the acquisition of the Berenguela silver-copper-manganese project.

In late November, Aftermath fulfilled the final payment obligation arising under the acquisition agreement dated Sept. 30, 2020, as amended, between the company and SSR Mining Inc., and the parties have completed the transfer of ownership of each of the holding companies Sociedad Minera Berengeula SA and Fossores Ltd., such that the company now holds a 100-per-cent interest in Berengeula.

Ralph Rushton, president and chief executive officer of Aftermath, commented: "We're delighted to finally acquire 100-per-cent ownership of the Berenguela Ag-Cu-Mn project as we believe it has the potential to deliver significant leverage to silver, copper and manganese -- a crucial battery metal -- for our shareholders. This is a key step in the company's development into a producing mining company and an important supplier of critical minerals. We are looking forward to the next 12 months as we intend to advance our engineering studies while concurrently drilling our key exploration targets."

Michael Williams, executive chairman of Aftermath, added: "Having secured a 100-per-cent interest in both Berenguela and our Chilean silver project, Challacollo, we believe Aftermath is now a prominent silver development company that can potentially supply the highly sought after co-products, copper and manganese."

Please refer to the company's news release dated Nov. 20, 2025, for further details regarding the transaction terms and information relating to Berenguela.

Berenguela Ag-Cu-Mn project

Berenguela is Aftermath's flagship project. Recent drilling has focused on infilling of the historic mineral resource to convert inferred to measured and indicated resources. A new MRE was published on Dec. 4, 2025. Aftermath's phase 3 drilling is currently under way at Berenguela focused on three main objectives:

1. To explore untested areas in the east and southeast zone of the known mineralization where the 2024-2025 drill campaign and historic drilling encountered high copper grades. This includes the Copper East target, identified in 2024/2025, which returned the longest copper intercept drilled to date at 156 metres grading 1.12 per cent Cu, 290 grams per tonne Ag and 7.3 per cent Mn, and the highest silver intercept to date at 1.95 m of 14,252 g/t (1.43 per cent Ag) from 29.30 to 31.25 m (news release dated Feb. 27, 2025);
2. To drill out areas envisaged as initial sites of future mining to complement studies;
3. To drill the SW intrusive target depending on permitting, which is well advanced.

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 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 owns a 100-per-cent 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 Dec. 4, 2025, and an NI 43-101 technical report on the property will be filed shortly.
• Challacollo silver-gold project: The company owns a 100-per-cent interest in the Challacollo Ag-Au project, located in Region 1 in northern Chile, 130 kilometres southeast of the major port city of Iquique. 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 Ag-Au project, located 2.5 hours south of Antofagasta.

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