Mr. Ralph Rushton reports

MR. ERIC SPROTT TO INCREASE EQUITY POSITION IN AFTERMATH SILVER

Aftermath Silver Ltd. intends to complete a non-brokered private placement of up to 22,222,222 units, to be sold at a price of 45 cents per unit, for total gross proceeds of up to $10-million, as a result of which 2176423 Ontario Ltd., a corporation beneficially owned and controlled by Eric Sprott, will become a "control person" of the company (as such term is defined in the policies of the TSX Venture Exchange).

Each unit will comprise one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant is exercisable by the holder thereof to acquire one additional common share for a period of 36 months from the date of issuance at a price of 70 cents per warrant share.

The private placement is subject to approval of the TSX-V and disinterested shareholder approval. Approval for the creation of a new "control person" pursuant to the private placement will be sought at a meeting of the shareholders of the company to be held on Nov. 20, 2024.

Under the policies of the TSX-V, a "control person" is defined as any person holding, or is one of a combination of persons holding, a sufficient number of any of the securities of a corporation so as to affect materially the control of the corporation, or holding more than 20 per cent of the outstanding voting shares of a corporation, except where there is evidence showing that the holder of those securities does not materially affect the control of the issuer. Pursuant to the policies of the TSX-V, if a transaction will result in the creation of a new "control person," the TSX-V will require the company to obtain shareholder approval of the transaction on a disinterested basis, excluding any shares held by the proposed new "control person," and its associates and affiliates.

2176423 Ontario intends to subscribe for the entire amount of the private placement, being 22,222,222 units for an aggregate purchase price of $10-million. As a result, upon the completion of the private placement, 2176423 Ontario would become a "control person" of the company. Shareholders of the company will be asked at the meeting to consider and, if thought fit, to pass a resolution approving the creation of 2176423 Ontario as a new "control person." Additional information regarding the private placement and the "control person" resolution will be provided in the information circular for the meeting.

The participation by 2176423 Ontario in the private placement will be considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities will exceed 25 per cent of the company's market capitalization.

The company intends to use the net proceeds for geological, metallurgical and engineering studies, and a drilling program, at the company's Berenguela silver-copper-manganese project in southern Peru, and for general working capital purposes.

All securities issued with respect to the private placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

All currency in this news release is denominated in Canadian dollars. A finder's fee may be payable in connection with the private placement.

Berenguela project background

The company has an option to acquire a 100-per-cent interest in Berenguela through a binding agreement with SSR Mining. Berenguela hosts a potentially open-pittable silver-copper-manganese mineral resource close to Santa Lucia in Puno province, southern Peru.

Silver, copper and manganese have crucial industrial applications in the clean energy and battery spaces. Copper and manganese have been designated critical metals by the U.S. government and the European Union.

The project is less than six kilometres from road, rail and power lines, and four hours from Arequipa by sealed road.

Aftermath published a resource estimate in March, 2023, based on over 300 core and RC (reverse circulation) holes.

Metallurgical test work is under way, adding to historic work, with the goal of producing silver and copper metal, and a commercial battery-grade or fertilizer-grade manganese product.

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 the technical content of this news release, and consents to the information provided in 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 aims to deliver shareholder value through the discovery, acquisition and development of quality silver 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.

Challacollo silver-gold project

The company owns a 100-per-cent interest in the Challacollo silver-gold project. An NI 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR+ and the company's website). The company is currently completing environmental permitting in anticipation of an upcoming drill program.

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. On Sept. 16, 2020, the company released a CIM-compliant (Canadian Institute of Mining, Metallurgy and Petroleum) mineral resource and accompanying NI 43-101 technical report (available on SEDAR+ and on the company's website).

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