Mr. Ralph Rushton reports

AFTERMATH SILVER BEGINS METALLURGICAL TEST WORK ON BERENGUELA MINERALIZATION AND PROVIDES CORPORATE UPDATE

Aftermath Silver Ltd. has provided an update on the metallurgical test work program planned using composite samples of silver-copper-manganese mineralization from the Berenguela project in Puno province, southern Peru. The test program will be performed by Kappes Cassiday and Associates (KCA) at its facility in Reno, Nevada. KCA will be building on its previous metallurgical work carried out on behalf of Silver Standard Mining, which was completed in 2010.

To date, substantial metallurgical test work has been carried out principally by KCA, which conducted a bulk sampling program in 1995. This sample was processed at KCA laboratories from 1995 to 1999 and later used for KCA test work in 2010 to 2011 on behalf of Silver Standard. Multiple routes for processing Berenguela mineralization have been studied, as reported in the 2023 National Instrument 43-101 report, "Berenguela Mineral Resource Estimate NI 43-101 Aftermath Silver Ltd., Province of Lampa, Department of Puno, Peru," which is available on Aftermath's website.

The objective of the proposed 2023 program, which will complement prior metallurgical test work, is to refine the flow sheet routes and to outline approximate the plant costs for a planned preliminary economic analysis (PEA) to be completed in 2024. Test work will be performed individually or on blends of up to 16 bulk composite samples currently being prepared at Aftermath's core facility in Arequipa, Peru. The planned test work will include:

• Upgrading of low-grade mineralization by ore sorting to discard carbonate waste rock;
• Pressure filtration tests;
• Creation of a standard solution for subsequent processing steps;
• Tests to determine the removal of iron from primary leach solution;
• Leach tests to determine the conditions (oxidation, cyanide level and consumption, and leach time) required for optimum silver recovery;
• Solvent extraction/electrowinning tests for recovery of copper from the primary leach solution;
• Sulphide precipitation and recovery of zinc;
• Characterization of purified solution to identify other trace impurities and remove them if necessary;
• Manganese sulphate crystallization processes and preparation of manganese sulphate to send to outside groups for evaluation;
• Electrowinning tests to assess possible production of chemical-grade manganese dioxide (CMD) or battery-grade electrolytic manganese dioxide (EMD).

The first bulk sample material has been shipped from Aftermath's core facility (Arequipa) and laboratory test work is expected to commence shortly.

Berenguela project -- background:

• The company has an option to acquire a 100-per-cent interest in Berenguela through a binding agreement with SSR Mining. Berenguela hosts a potentially open-pittable silver-copper-manganese resource close to Santa Lucia in Puno province, southern Peru.
• Silver, copper and manganese have crucial industrial applications in the clean energy and battery spaces. Copper and manganese have been designated critical metals by the U.S. government and the European Union.
• The project is less than six kilometres from road, rail and power lines and four hours from Arequipa by sealed road.
• Aftermath published a resource estimate in March, 2023, based on over 300 core and RC (reverse circulation) holes.
• Metallurgical test work is under way adding to historic work, with the goal of producing silver and copper metal and a commercial battery-grade or fertilizer-grade manganese product.

Correction to financing size

The company would also like to correct its news release dated May 15, 2023, announcing the closing of the private placement (as defined and described in the original news release). The original news release inadvertently disclosed that the company issued an aggregate of 33,005,467 units (as defined and described in the original news release) for gross proceeds of $8,251,367. The company would like to correct the foregoing by stating that, pursuant to both tranches of the private placement, the company issued an aggregate of 32,985,467 units for gross proceeds of $8,246,367.

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.

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 company news release dated Aug. 11, 2022. A National Instrument 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).

We seek Safe Harbor.