Mr. Ralph Rushton reports

AFTERMATH SILVER ANNOUNCES C$7.0-MILLION NON-BROKERED PRIVATE PLACEMENT

Aftermath Silver Ltd. has arranged a non-brokered private placement of up to 28 million units at a price of 25 cents per unit to raise approximately $7.0-million. Each unit sold consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder to acquire one common share for a period of 24 months from closing at a price of 35 cents per common share. Eric Sprott has agreed to participate in the private placement.

The company intends to use the net proceeds for metallurgical and engineering studies on the Berenguela silver-copper-manganese project in southern Peru, project payments related to the purchase of Berenguela, and general working capital purposes. In March, 2023, the company published an expanded mineral resource estimate for Berenguela (see company news release dated March 2, 2023). The company has initiated advanced metallurgical testwork programs on bulk drill core samples from key mineralized domains targeted in its drill program. This testwork, to be completed by Kappes Cassiday and Associates of Reno, Nev., will encompass flowsheets for silver, copper and zinc recovery and ultimately identify the potential manganese products including focusing on battery grade manganese sulphate (MnSO4). It is anticipated that the results of this testwork will be incorporated into a preliminary economic analysis for Berenguela to be completed during 2024.

The company may pay a finder's fee in connection with the private placement. The private placement is subject to the approval of the TSX Venture Exchange and other applicable securities regulatory bodies, and the securities will be subject to a four-month-and-one-day hold period from the closing date, under Canadian securities laws.

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.

We seek Safe Harbor.