Mr. Ralph Rushton reports

AFTERMATH SILVER'S BERENGUELA METALLURGICAL TESTWORK YIELDS HIGH SILVER RECOVERIES

Aftermath Silver Ltd. has provided an update on recent metallurgical studies at the company's Berenguela silver-copper-manganese project in southern Peru.

The results show a recovery of 95 per cent silver and 89 per cent silver, respectively, for the two composites tested. The standard leach process shows no interference from manganese or other metals. Cyanide consumption is less than one kilogram per ounce of silver recovered, indicating this is not a significant cost or technical issue. Test work to complete the flow sheet details on Aftermath's Berenguela project is continuing at Kappes Cassiday and Associates' (KCA) Reno facility. Recent work has focused on silver extraction from two composite samples RD2MINA (KCA test 100164) and RD4LOWA (KCA test 100166). Work is continuing on additional composite samples of mineralization.

Michael Williams, Aftermath's executive chairman, commented: "We are extremely pleased with the metallurgical results to date as we have demonstrated that we can potentially produce a battery-grade manganese sulphate product and the recoveries of the silver and manganese to date are high. As we move into the next phase of our metallurgical test work, we look forward to scaling up the work. The next stage of our metallurgical test work is advancing and includes preliminary process and sizing studies for plant design purposes."

The basic flow sheet involves acid leaching of the mineralization using sulphuric and sulphurous acids to dissolve copper, manganese, iron and zinc and then purifying this solution with the objective of producing silver, copper and high-purity manganese sulphate monohydrate (HPMSM). Flow sheet steps to accomplish this have been completed and HPMSM has been made from three ore composites, which represent over 65 per cent of the resource. The acid leach processes dissolve less than 1 per cent of the silver in the mineralization, hence the tailings from the acid leach process will be sent to a standard cyanide leach plant.

The current test program builds on metallurgical work carried out by KCA in 2010. Details of the historic test flow sheets and results are summarized in Section 13 of the Aftermath technical report "Berenguela Mineral Resource Estimate NI 43-101 Aftermath Silver Ltd., Province of Lampa, Department of Puno, Peru," dated March 30, 2023, prepared by AMC Consultants, available on Aftermath's website.

Sixteen composite samples weighing over six tonnes in total were selected from Aftermath's metallurgical drilling program and delivered to KCA's laboratory in Reno. The composites represent the key geometallurgical domains that cover all mineralization types encountered and form the basis of the current metallurgical processing campaign. Test work is being performed individually or on blends of the samples.

Warrants

The company is also pleased to announce that 6,535,487 of its outstanding warrants to purchase common shares of the company have been exercised since June 1, 2024, for cash proceeds to the company of $1,795,453. The company intends to use the net proceeds to complete geological, metallurgical and engineering studies at the company's Berenguela silver-copper-manganese project in southern Peru and for general working capital purposes.

Stock option grant correction

The company wishes to clarify disclosure in its press release dated Sept. 4, 2024, announcing the granting of stock options and restricted share units (RSUs) to purchase common shares of the company to certain officers, employees and consultants pursuant to the company's stock option plan.

The company granted a total of 5,275,000 stock options -- not 5,025,000 as originally stated -- to purchase common shares of the company to certain officers, employees and consultants pursuant to the company's stock option plan. Such options are exercisable into common shares of the company at an exercise price of 35 cents per common share for a period of five years from the date of grant. The stock options are subject to regulatory approval, will vest over a period of 12 months and are granted under the company's stock option plan.

The company issued RSUs to certain directors, officers and employees of the company in accordance with the company's RSU plan. The vesting terms in the Sept. 4, 2024, news release should have stated that the RSUs vest one-third after 12 months from the date of the grant and one-third annually thereafter and will fully vest on the date that is three years from the date of grant. Once vested, each RSU represents the right to receive one common share of the company or the equivalent cash value thereof, at the company's discretion.

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 is four hours from Arequipa by sealed road.
• Aftermath published a resource estimate in March, 2023, based on over 300 core and 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 Australasian Institute of Mining and Metallurgy (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.

Dan Kappes, a registered professional engineer (mining engineer No. 3223; metallurgical engineer No. 3223) in the state of Nevada, United States, and founder and president of Kappes, Cassiday & Associates, is the qualified person set out in National Instrument 43-101 responsible for overseeing the design and execution of the metallurgical test program and has reviewed and approved the contents of this release.

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 a coming drill program.
• 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. 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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