Mr. Ralph Rushton reports

AFTERMATH SILVER LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Aftermath Silver Ltd. has closed the first tranche of its previously announced non-brokered private placement, whereby the company has completed the issuance of 25,940,267 units at a price of 25 cents per unit for gross proceeds of $6,485,066.75.

Each unit consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant of the company. Each warrant is exercisable by the holder to acquire one common share for a period of 24 months from the date of closing of the private placement at a price of 35 cents per share.

The company anticipates closing a second tranche of the private placement next week, subject to customary closing conditions, including approval by the TSX Venture Exchange.

In connection with the private placement, the company issued an aggregate of 43,400 finder's shares and paid finder's commissions of an aggregate of $279,669.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, purchased four million units for total consideration of $1-million. Prior to the close of this first tranche of the private placement, Mr. Sprott beneficially owned and controlled 22,079,796 common shares and 7,439,898 warrants, representing approximately 12.8 per cent of the outstanding common shares on a non-diluted basis and 16.4 per cent of the common shares on a partially diluted basis assuming the exercise of such warrants. Mr. Sprott now beneficially owns and controls 26,079,796 common shares and 9,439,898 warrants, representing approximately 13.2 per cent of the outstanding common shares on a non-diluted basis and 17.1 per cent of the common shares on a partially diluted basis assuming the exercise of such warrants.

The units were acquired by Mr. Sprott, through 2176423 Ontario, for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the company, including on the open market or through private acquisitions, or sell securities of the company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of 2176423 Ontario Ltd.'s early warning report will appear on the company's profile on SEDAR and may also be obtained by calling Mr. Sprott's office.

All securities issued pursuant to the private placement, including the finder's shares, are subject to hold period expiring on Sept. 4, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

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.

Certain directors, officers and other insiders of the company purchased or acquired direction or control over a total of 4.18 million units as part of the private placement. The placement to those persons constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Notwithstanding the foregoing, the directors of the company have determined that the interested parties' participation in the private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of interested parties had not been confirmed at that time.

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.