Mr. Ralph Rushton reports

AFTERMATH SILVER LAUNCHES BERENGUELA PRE-FEASIBILITY STUDY

Aftermath Silver Ltd. has commenced a prefeasibility study (PFS) for its Berenguela silver-copper-manganese project in southern Peru, marking a key milestone in the company's strategy to advance the project toward a production decision.

The decision to advance Berenguela to a PFS follows the completion of a $20-million equity financing and an 82-hole infill drilling program completed in 2025 that intercepted mineralization in 95 per cent of the holes. The updated mineral resource estimate (see Aftermath news release dated Dec. 4, 2025) materially improved confidence in the geological model and confirmed robust silver and copper mineralization across key zones, underpinning the project's progression to the next stage of development. The PFS will build on the improved geological confidence delivered by the infill drilling program and represents the next major milestone on the company's development pathway.

Ralph Rushton, president and chief executive officer of Aftermath Silver, commented: "Aftermath is entering a transformational phase, supported by a strong balance sheet and a high-confidence resource base. The results of our infill drilling and updated resource have provided the technical foundation to advance Berenguela to a prefeasibility study, an important milestone for the company. After a detailed review process carried out by our engineering team, we will be announcing the formal appointment of the successful engineering consultancies in the coming week. At the same time, we will be drilling key exploration targets at Berenguela and at our Challacollo silver project in Chile, to maintain strong exploration momentum across the portfolio."

About Berenguela

Berenguela currently hosts measured and indicated resources of 122.5 million ounces of silver and 717.1 million pounds of copper, together with a significant manganese resource detailed in the attached table. The assumptions used in the MRE can be found in Aftermath's news release dated Dec. 4, 2025.

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 Silver 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 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 NI 43-101 mineral resource estimate was published on Dec. 4, 2025. An NI 43-101 technical report on the property was filed Jan. 16, 2026, and is available on SEDAR+.

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 (silver-gold) project, located 2.5 hours south of Antofagasta.

We seek Safe Harbor.