Mr. Ralph Rushton reports

AFTERMATH SILVER FILES TECHNICAL REPORT ON THE BERENGUELA SILVER-COPPER PROJECT, PERU

Aftermath Silver Ltd. has filed a technical report on the Berenguela silver-copper-manganese project, located in Peru, pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects under the company's profile on SEDAR.

The Berenguela technical report, titled "Berenguela Mineral Resource Estimate NI 43-101 Aftermath Silver Ltd., Province of Lampa, Department of Puno, Peru," has an effective date of March 30, 2023, and was prepared by AMC Mining Consultants (Canada) Ltd (AMC). The qualified persons for the Berenguela technical report are D. Nussipakynova, PGeo (British Columbia and Ontario), W. Rogers, PEng (B.C.), and D. Kappes, PE (Nevada). The report presents a new mineral resource estimate for the Berenguela silver-copper-manganese project together with recommendations for further metallurgical and engineering work with the objective of completing a preliminary economic analysis during 2024. The company is now proceeding to initiate advanced metallurgical testwork programs on bulk drill core samples from key mineralized domains targeted in the 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 the first attached table. Mineral resources are stated at a cut-off grade of 80 grams per tonne silver equivalent (AgEq) which equates to a 3.55 per cent manganese equivalent cut-off grade. The relative value in the mineral resource by metal is as follows, Ag equals 26 per cent, Mn equals 44 per cent, Cu equals 26 per cent, Zn equals 4 per cent 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 assumptions for the open pit optimization exercise to constrain the mineral resource and confirm reasonable prospects for eventual economic extraction are shown in the second attached table.

Qualified person

The mineral resource estimate, QA/QC (quality assurance/quality control) review and data verification were completed by Dinara Nussipakynova, PGeo, principal geologist with AMC who is the QP for the purpose of NI 43-101 for all technical information pertaining to the current mineral resource. Aftermath's quality assurance and quality control program was reviewed by the QP who has also reviewed the technical content of this news release for Berenguela and has approved its dissemination.

Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by NI 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.

Berenguela silver-copper project: The company has an option to acquire a 100-per-cent interest through a binding agreement with SSR Mining. The project is located in the department of Puno in southern-central Peru. A National Instrument 43-101 technical report on the property was filed in February, 2021 (available on SEDAR and the company's website). The company is currently drilling at Berenguela and planning to advance the project through a prefeasibility study.

Challacollo silver-gold project: The company recently completed the acquisition of a 100-per-cent interest in the Challacollo silver-gold project from Mandalay Resources; see the company's news release dated Aug. 11, 2022. An NI 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR and the company's website). The company is currently permitting road access 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 Feb. 15, 2023, Aftermath announced it had signed a share purchase agreement to sell Cachinal to Honey Badger Silver Inc. 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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