Disclaimer
This material is provided for informational and educational purposes only and should not be considered financial, investment, legal, tax, or other professional advice. The views expressed are based on publicly available information, company filings, technical reports, news releases, company presentations, and personal analysis at the time of writing, and they may change without notice.
Mining and resource investments are highly speculative and involve substantial risks, including but not limited to commodity price volatility, exploration risk, metallurgical risk, permitting risk, financing risk, dilution, mine development risk, manganese market risk, operating cost inflation, political risk, environmental approval risk, processing recovery risk, and changes in market conditions.
Any discussion of valuation, upside potential, project economics, management quality, future catalysts, or possible share-price outcomes reflects opinion rather than certainty. Readers should conduct their own due diligence and consult a licensed financial advisor before making any investment decisions. The author may hold positions in some companies mentioned and may buy or sell securities without further notice.
Aftermath Silver Ltd. TSXV: AAG / OTCQX: AAGFF / FRA: FLM1
Introduction
Aftermath Silver Ltd. is a Canadian junior silver and critical-metals development company focused on Latin America. The company’s flagship asset is the 100 percent owned Berenguela silver-copper-manganese project in southern Peru. Aftermath also owns the Challacollo silver-gold project and Cachinal silver-gold project in northern Chile. (Aftermath Silver Ltd.)
The main story today is Berenguela. This is not a pure silver project anymore. It is a silver-copper-manganese critical-metals project, and the manganese component is now extremely important. In the latest Berenguela technical report, the company states that the primary economic driver of the project is high-purity manganese sulphate monohydrate, or HPMSM, with silver and copper providing additional value.
The bull case is simple, Aftermath controls a large, near-surface, open-pit-constrained resource with silver, copper, and manganese exposure at a time when electrification, battery metals, and silver demand are becoming more strategic. The project already has a large measured and indicated resource, new drilling is targeting high-grade near-surface starter-pit material, and the company has appointed DRA Global to lead the Berenguela Pre-Feasibility Study.
The risk is also clear, Berenguela does not yet have a completed PEA, PFS, FS, reserve, capex number, AISC number, NPV, IRR, or production schedule. This means Aftermath is still in the de-risking stage. The upside could be strong if the PFS proves the project works, but investors must be careful because the market is still waiting for real project economics.
Projects / Location / MRE / Grades
Project 1: Berenguela Silver-Copper-Manganese Project, Peru (Flagship Asset)
Main asset
Berenguela is Aftermath Silver’s flagship project. It is located in the Department of Puno in southern central Peru. As of January 2026, Aftermath owns 100 percent of the project. The company completed the acquisition and now fully controls the asset, which is important because it removes a major ownership overhang before the next stage of development.
Berenguela is currently being advanced toward a Pre-Feasibility Study. In February 2026, Aftermath appointed DRA Global to lead the Berenguela PFS. DRA was selected based on technical capability, regional experience, metallurgical expertise, project delivery track record, and alignment with Aftermath’s development strategy. DRA has experience in Peru and has been involved with major operations such as Quellaveco, Cerro Verde, Las Bambas, and Antamina.
This matters because Berenguela is not a simple silver-only mine. The project requires technical work around silver, copper, zinc, and especially manganese recovery. The company is working on flowsheets for silver, copper, zinc, and potential manganese products, including battery-grade manganese sulphate.
Grade feel
Berenguela is not a classic high-grade underground silver vein project. It is more of a near-surface, open-pit-style silver-copper-manganese system. The silver grade is moderate on a resource-wide basis, but the project becomes more interesting because of the copper and manganese credits.
The latest resource shows measured and indicated material grading 73.9 g/t silver, 5.69 percent manganese, 0.63 percent copper, and 0.33 percent zinc. That is not ultra-high-grade silver on its own, but the multi-metal value is the key. The company’s 2025 technical report states that the approximate relative value in the mineral resource is around 13 percent silver, 75 percent manganese, 11 percent copper, and 1 percent zinc.
This is very important for how we analyze the project. If we treat Aftermath as a pure silver stock, we may misunderstand the real economics. Berenguela is more accurately a silver-critical-metals hybrid, where manganese could become the biggest value driver.
Berenguela Mineral Resource Estimate
The latest Berenguela NI 43-101 technical report has an effective date of November 30, 2025. The report was filed on January 16, 2026.
Berenguela Resource Summary
| Resource Category | Tonnes | Ag Grade | Mn Grade | Cu Grade | Zn Grade | Contained Ag | Contained Mn | Contained Cu | Contained Zn |
| Measured | 8.49Mt | 101 g/t | 8.97% | 0.89% | 0.32% | 27.7Moz | 0.76Mt | 166.9Mlb | 60.0Mlb |
| Indicated | 43.06Mt | 68.5 g/t | 5.04% | 0.58% | 0.33% | 94.9Moz | 2.17Mt | 550.2Mlb | 312.5Mlb |
| Measured and Indicated | 51.55Mt | 73.9 g/t | 5.69% | 0.63% | 0.33% | 122.5Moz | 2.93Mt | 717.1Mlb | 372.4Mlb |
| Inferred | 14.33Mt | 47.6 g/t | 3.28% | 0.37% | 0.25% | 22.0Moz | 0.47Mt | 118.4Mlb | 80.0Mlb |
Overall, Berenguela is large. The measured and indicated silver resource alone is already over 122 million ounces, but the real differentiator is the 2.93 million tonnes of contained manganese and 717 million pounds of contained copper in measured and indicated resources.
Latest Drilling
In March 2026, Aftermath reported the first batch of assays from its Phase 3 diamond drill program at Berenguela. The program was originally planned as 45 holes for 3,000 metres, but the company increased it to 90 holes for 6,000 metres after positive geological results, drill rig availability, and easy access.
Important intercepts included:
- AFD152: 48.5m at 438 g/t Ag, 2.22% Cu, and 24.9% Mn
- AFD155: 70.0m at 230 g/t Ag, 1.81% Cu, and 10.9% Mn from surface
- AFD160: 45.8m at 528 g/t Ag, 1.48% Cu, and 15.7% Mn from surface
- AFD162: 11.4m at 1,042 g/t Ag, 2.05% Cu, and 7.3% Mn
These are strong results because they show high-grade silver-copper-manganese mineralization close to surface. Management specifically said the drilling was designed with the Berenguela PFS in mind and is focused on near-surface high-grade material that may be suitable for a future starter pit.
This is one of the most important catalysts. If Aftermath can define a high-grade starter pit, the project may have a stronger development case than the average resource grade suggests.
Project 2: Challacollo Silver-Gold Project, Chile (Optionality Asset)
Challacollo is Aftermath’s second key silver project. It is located in northern Chile, approximately 130 kilometres southeast of the major Pacific port city of Iquique. The project is around 30 kilometres east of the Pan American Highway, with power transmission lines located 15 to 30 kilometres from the property. The project also has water rights.
Challacollo is a silver-gold epithermal vein and breccia system. The company’s presentation describes it as having potential for an open-pit operation, with mineralization open down dip and along strike.
Challacollo Mineral Resource
| Resource Category | Tonnes | Ag Grade | Au Grade | Contained Ag | Contained Au |
| Indicated | 6.64Mt | 165 g/t | 0.27 g/t | 35.15Moz | 58koz |
| Inferred | 2.80Mt | 124 g/t | 0.17 g/t | 11.14Moz | 15koz |
Challacollo gives Aftermath meaningful silver-gold optionality. It is not the main valuation driver today, but it is useful because it gives the company a second silver project in Chile if the silver market continues to strengthen.
Project 3: Cachinal Silver-Gold Project, Chile (Secondary Optionality)
Cachinal is located in Chile’s Antofagasta Region, around 40 kilometres east of the Pan American Highway. The company describes Cachinal as an intermediate-sulphidation epithermal silver-gold deposit located in one of Chile’s top silver and gold regions.
The project is currently not the main focus. Aftermath’s presentation states that Cachinal is 100 percent owned, but that no work is currently underway.
Cachinal Mineral Resource
| Resource Category | Tonnes | Ag Grade | Au Grade | Contained Ag | Contained Au |
| Indicated | 5.05Mt | 101 g/t | 0.13 g/t | 16.32Moz | 21.70koz |
| Inferred | 0.53Mt | 145 g/t | 0.15 g/t | 2.48Moz | 2.61koz |
Cachinal is not a near-term driver, but it gives Aftermath another silver-gold asset that could become more valuable in a strong silver market.
Share Structure / Ownership / Insiders
Capital Structure
Aftermath Silver’s official share structure page, as of April 10, 2026, lists:
| Share Structure Item | Shares / Securities |
| Issued and Outstanding Shares | 341,631,113 |
| Warrants | 18,277,968 |
| Stock Options | 9,750,000 |
| RSUs | 2,283,336 |
| Fully Diluted Shares | 371,942,417 |
Recent public market data showed AAG trading around C$0.79 to C$0.80, with basic market capitalization around C$270 million to C$273 million in May 2026.
Using the official fully diluted share count of 371,942,417 and an approximate share price of C$0.79, the rough fully diluted market cap is about C$293.8 million. Using a rough CAD/USD exchange rate of 1.37, that equals about US$214 million.
Share structure feel
The share structure is moderate for a junior developer. It is not extremely tight, but it is not out of control either. The company has already built a large resource base and is advancing a PFS, so some dilution is normal.
The key risk is future funding. Berenguela still needs more technical work, PFS completion, permitting, and eventually a development financing package. If the PFS is positive, Aftermath may need to raise more capital before construction. That could dilute shareholders.
The positive side is that the company has a meaningful project and strong market interest. Eric Sprott has been a major shareholder, and the company presentation listed him as holding a 24.4 percent shareholding as of February 2025.
Ownership/Insider
Insider aligned around 35%. This is great number. Management with skins in the game will always provide some margin of safety for investor. They will unlikely sell it too early before reaching its full potential.
People / Management
Michael Williams
Chairman, Director
Michael Williams has more than 20 years of experience as a senior executive in the mining industry. He has experience structuring, administering, and marketing TSX-listed companies. Most importantly, he was Executive Chairman of Underworld Resources, which was sold to Kinross Gold for C$138 million.
Management feel: Michael Williams gives Aftermath real capital markets and exit experience. This is positive because junior mining investors want management teams that know how to create shareholder value, finance projects, and potentially sell assets at the right time.
Ralph Rushton
President, CEO and Director
Ralph Rushton is a geologist with a BSc in geology, an MSc in economic geology, and a certificate in business communications. He has worked in exploration and mining across multiple geological settings, including experience with Anglo American and Rio Tinto. Since 2016, he has worked in business development and marketing for junior resource companies. The company states that he has helped raise over C$400 million through equity financings for exploration and development programs.
Management feel: Rushton has the right mix of geology, junior-market experience, and capital-raising ability. The key test now is whether he can help move Aftermath from resource-stage company to a real development-stage company with a credible PFS.
Michael Parker
Technical Director
Michael Parker is a geologist with extensive exploration and project-development experience. He spent 22 years with First Quantum Minerals, where he held senior country manager roles and was involved in two major copper discoveries, Lonshi and Frontier. He also managed First Quantum’s strategy in Peru and broader Latin America.
Management feel: This is one of the strongest technical positives. Parker has real operating and country-level experience in Peru and Latin America. That matters because Berenguela is a Peru-based, multi-metal project that needs technical, community, and government-relations execution.
Danny Keating
Chief Operating Officer
Danny Keating has held senior executive roles leading mining, processing, and infrastructure projects across multiple jurisdictions. Most relevant, he previously worked on a high-purity manganese project in Southern Africa, including construction of an EV battery demonstration plant and securing strategic investors.
Management feel: This is very relevant for Berenguela because manganese is likely the most important economic driver. Having a COO with high-purity manganese and battery-market experience improves the credibility of the manganese strategy.
Alastair Brownlow
CFO
Alastair Brownlow is a Chartered Professional Accountant specializing in resource-focused accounting and finance.
Management feel: Aftermath will need financial discipline as it moves through PFS, permitting, and future financing. The company is entering the stage where technical studies and funding decisions matter more than exploration promotion.
Risks / Catalysts / Timeline
Key Risks
| Risk Category | Key Risk |
| No PEA/PFS Economics Yet | Berenguela does not yet have a completed PEA, PFS, FS, NPV, IRR, capex, AISC, reserve, or production schedule. |
| Manganese Market Risk | The project’s value is heavily tied to HPMSM assumptions. If manganese pricing, demand, processing costs, or payability assumptions disappoint, economics could weaken. |
| Metallurgical Risk | Berenguela requires a multi-metal processing strategy involving silver, copper, zinc, and manganese. This is more complex than a simple silver doré project. |
| PFS Risk | The PFS may show higher capex, higher operating costs, lower recoveries, or weaker economics than investors expect. |
| Permitting Risk | Peru is a mining country, but permitting and community relations still matter. |
| Financing Risk | A future construction decision will likely require significant funding. |
| Dilution Risk | Additional equity may be required before production. |
| Commodity Price Risk | Silver, copper, and manganese prices can be volatile. |
| Resource-to-Reserve Risk | Mineral resources are not mineral reserves and do not yet demonstrate economic viability. |
| Execution Risk | Aftermath must move from resource and drilling success into engineering, permitting, financing, and eventual development. |
Catalysts
| Timeline | Catalyst |
| 2026 | Continued Phase 3 drilling at Berenguela |
| 2026 | Additional assays from the expanded 90-hole, 6,000m diamond drill program |
| 2026 | PFS work led by DRA Global |
| 2026 | Metallurgical and flowsheet optimization |
| 2026 | More clarity on HPMSM product strategy |
| 2026 | Potential definition of high-grade near-surface starter-pit zones |
| 2026 | Possible updated development strategy after PFS work |
| Medium Term | PFS results |
| Medium Term | Potential permitting progress |
| Medium Term | Strategic partner, offtake, or financing discussions if the project economics are strong |
| Longer Term | Feasibility study, project financing, construction decision, and potential production pathway |
Expected Timeline to Production
| Timeline | Expected Progress Toward Production |
| 2026 | Main focus is PFS work, drilling, metallurgy, and flowsheet optimization. Aftermath has appointed DRA Global to lead the PFS, and the Phase 3 drill program is designed to support the PFS and potentially define near-surface high-grade starter-pit material. |
| 2027 | If the PFS is completed successfully, 2027 could become the year where Aftermath moves toward more advanced permitting, feasibility-level work, strategic funding discussions, and possible project-financing planning. |
| 2028 Onward | If the project economics are strong, the company could move toward feasibility, financing, construction decision, and eventual development. However, without a PFS or FS today, a precise production timeline would be speculative. |
Valuation
CAD Share Price Sensitivity
Important note: Aftermath has no completed PEA/PFS economics yet, so this is not company guidance. This is only an illustrative FCF model using:
| Assumption | Value |
| Fully Diluted Shares | 371,942,417 |
| CAD/USD Exchange Rate | 1.37 |
| AISC Assumption | US$35/oz |
| Silver Price Case 1 | US$150/oz |
| Silver Price Case 2 | US$200/oz |
FCF Margin Assumption
| Silver Price | AISC | FCF Margin / oz |
| US$150/oz | US$35/oz | US$115/oz |
| US$200/oz | US$35/oz | US$165/oz |
CAD Share Price Target — Per 1Moz Annual Production
| Silver Price | Annual Production | Annual FCF | 10x FCF CAD/share | 15x FCF CAD/share | 20x FCF CAD/share |
| US$150/oz | 1Moz/year | US$115M | C$4.24 | C$6.36 | C$8.47 |
| US$200/oz | 1Moz/year | US$165M | C$6.08 | C$9.11 | C$12.15 |
CAD Share Price Target — Production Sensitivity
| Annual Production | Silver Price | Annual FCF | 10x FCF CAD/share | 15x FCF CAD/share | 20x FCF CAD/share |
| 2Moz/year | US$150/oz | US$230M | C$8.47 | C$12.71 | C$16.95 |
| 2Moz/year | US$200/oz | US$330M | C$12.15 | C$18.22 | C$24.30 |
| 3Moz/year | US$150/oz | US$345M | C$12.71 | C$19.07 | C$25.42 |
| 3Moz/year | US$200/oz | US$495M | C$18.22 | C$27.34 | C$36.45 |
| 5Moz/year | US$150/oz | US$575M | C$21.18 | C$31.77 | C$42.36 |
| 5Moz/year | US$200/oz | US$825M | C$30.37 | C$45.56 | C$60.74 |
Formula Used
| Step | Formula |
| FCF Margin / oz | Silver Price – AISC |
| Annual FCF | FCF Margin / oz × Annual Production |
| Valuation | Annual FCF × FCF Multiple |
| CAD Valuation | USD Valuation × 1.37 |
| CAD Share Price | CAD Valuation ÷ Fully Diluted Shares |
Simple Interpretation
At US$150 silver and US$35 AISC, every 1Moz/year of production could support around C$4.24/share at 10x FCF, C$6.36/share at 15x FCF, and C$8.47/share at 20x FCF.
At US$200 silver, the same 1Moz/year scenario rises to around C$6.08/share at 10x FCF, C$9.11/share at 15x FCF, and C$12.15/share at 20x FCF.
This shows the leverage clearly: the biggest drivers are silver price, actual annual production, real AISC, capex, recoveries, and dilution before production.
Summary & Quick Scorecard
| Category | Points | Overall |
| Company Overview | Stock ticker: TSXV: AAG / OTCQX: AAGFF / FRA: FLM1 Main metal: Silver, with major manganese and copper exposure Main project: Berenguela, Peru Project phase: PFS stage / advanced development-stage resource Projects country: Peru and Chile | — |
| 1. Management | Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big mining company experience: Yes Capital markets track record: Yes | ✅ Strong |
| 2. Projects | High grades: No, resource-wide silver grade is moderate, but recent drilling shows high-grade near-surface zones MRE size: Yes, Berenguela has 122.5Moz Ag M&I, 717.1Mlb Cu M&I, and 2.93Mt Mn M&I Optionality: Yes, Challacollo and Cachinal provide additional silver-gold optionality in Chile | ✅ Good |
| 3. Cost Structure | Low AISC: Unknown, no AISC yet because there is no completed PEA/PFS Low capex / Existing infrastructure: Potentially yes, but needs confirmation from PFS | ✅ Good |
| 4. Share Structure Discipline | Fully diluted shares: 371,942,417 Fully diluted market cap: approximately US$214M Share structure is acceptable for a PFS-stage junior with a large resource, but more dilution before production is likely | ✅ Strong |
| 5. Insider / Ownership | Insider aligned ownership: around 35% based on our data Eric Sprott ownership: around 24.4% based on the company’s May 2025 presentation Management ownership: around 1.17% based on the company’s May 2025 presentation Sprott’s large position adds credibility and market attention, but direct management ownership appears low | ✅ Strong |
| 6. Location | Country: Peru and Chile Tier: Tier 2 jurisdiction Main project location: Berenguela, Peru Optionality assets: Challacollo and Cachinal, Chile | ✅ Good |
⭐ RT Rating, Commentary
Aftermath Silver is on our watchlist.
We rate this as 4 out of 5 stars.
Aftermath Silver has a very interesting setup. The company controls a large silver-copper-manganese project in Peru, has meaningful silver-gold optionality in Chile, strong capital markets backing, and a management team with real mining and financing experience. The Berenguela resource is large, and the latest drilling suggests there may be high-grade near-surface zones that could improve the future development case.
The biggest reason this is not rated higher yet is simple: there is no completed PEA or PFS economics yet. We do not have official capex, AISC, NPV, IRR, annual production, payback, or mine life. For now, this is still a PFS-stage re-rating story, not a proven mine-development story.
The upside could be strong if the PFS confirms a robust open-pit development plan with strong manganese, copper, and silver economics. But until that happens, the stock carries higher technical and valuation risk than a company with a completed PEA or PFS.
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