Aftermath Silver Ltd. announced a new Mineral Resource estimate for the 100% owned Berenguela silver-copper- manganese project in southern Peru. The Mineral Resource is reported in accordance with National Instrument 43-101 and the estimate was completed by AMC Mining Consultants (Canada) Ltd. Publication of this Mineral Resource estimate is a major milestone for the Berenguela project. It represents the culmination of 15 months of work by Aftermath's team in Peru and its consultants.

The Mineral Resource Estimate is based on a geological model incorporating data from 386 drill holes including 63 diamond core holes drilled by Aftermath in 2021/2022, and historical drilling data from 32 diamond core and 291 RC holes drilled between 2004 and 2019. The current estimate confirms and expands the previous historical Mineral Resources and is based on the most extensive geological model of the Berenguela deposit to date, which significantly enhances the understanding of the deposit. The company is now proceeding to initiate advanced metallurgical testwork programs on bulk drill core samples from key mineralized domains targeted in its drill program.

This testwork will encompass flowsheets for silver, copper and zinc recovery and ultimately identify the potential manganese products including focusing on battery grade manganese sulphate (MnSO4). The Mineral Resource estimate used conceptual open pit mining constraints for reporting purposes and is presented in Table 1. Mineral Resources are stated at a cutoff grade of 80 g/t silver equivalent (AgEq) which equates to a 3.55% manganese equivalent cut-off grade. The relative value in the Mineral Resource by metal is as follows, Ag=26%, Mn=44%, Cu=26%, Zn=4% using metal prices for Agri-MnSO4 which generally trades at a considerable discount to battery grade manganese sulphate.

The model is depleted for historical mining activities. The Mineral Resource estimate is based on a geological model which consisted of data from 386 drillholes including data collected by Aftermath and some from previous drilling. Lithological wireframes were constructed by Rockridge Partnership & Associates (Rockridge) using LeapFrog© software and were used to constrain the interpolation.

The five domains were reviewed by the independent Qualified Person and were accepted for estimation purposes after minor modification. Rockridge completed an ordinary kriging estimate for the four metals with economic significance: silver, manganese, copper and zinc. Calcium and magnesium, as well as bulk density, were estimated using inverse distance squared. Prior to estimation, drillhole data were composited to an average length of 1.0 m. Capping was evaluated for all variables within each domain and carried out where required.

No estimation was carried out outside of the domains. For all domains the parent block size was 10 mE x 10 mN x 5 mRL with subblocking employed. Subblocking resulted in minimum cell dimensions of 2.5 mE x 2.5 mN x 0.05 mRL.

Bulk density was based on 509 measurements and was estimated into the block model. The values in the model averaged 2.30 tonnes/m3 for mineralized material and 2.25 tonnes/m3 for waste. Mineral Resource classification was completed by the QP using an assessment of geological and mineralization continuity, data quality and data density.

Estimation passes were used as an initial guide for classification. Wireframes were then generated manually to build coherent volumes for the different classes. The block model was classified as Measured, Indicated, and Inferred Mineral Resources as appropriate.

The QP has not identified any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources. However, it is recognized that there is social unrest in Peru currently.