Mr. Ralph Rushton of Aftermath reports

AFTERMATH SILVER MAKES EARLY US$2.5-MILLION PROPERTY PAYMENT TO EMX ROYALTY CORP FOR BERENGUELA PROJECT AG-CU-MN, PERU

EMX Royalty Corp. has provided an update on its Berenguela silver-copper-manganese project in southern Peru. The company has an option to acquire a 100-per-cent interest in the project through binding agreements with SSR Mining Inc. (see Aftermath news release dated Oct. 21, 2020, for further details regarding the original option with SSR) and EMX Royalty Corp. following EMX's assumption of certain interests contained in Aftermath's agreement with SSR. The project is located in the department of Puno in south-central Peru.

The company has paid the $2.5-million (U.S.) second-anniversary payment to EMX ahead of the November, 2023, payment due date, and EMX has agreed to defer the $3-million (U.S.) payment due on or before Nov. 23, 2024, until May 15, 2025.

Ralph Rushton, president and chief executive officer of Aftermath, commented: "Aftermath would like to thank David Cole and the team at EMX for their flexibility in agreeing to adjust the terms of the Berenguela agreement. The revised agreement allows us over the next 24 months to focus firstly on completing the planned metallurgical test work program that's under way on the silver-copper-manganese mineralization from Berenguela and, secondly, on engineering studies, which will incorporate the results of the met test work into a preliminary economic assessment."

EMX's interest in Berenguela resulted from EMX's acquisition of a portfolio of royalty interests and payments from SSR and certain of its subsidiaries (see EMX news releases dated July 29, 2021, and Oct. 21, 2021). Aftermath Silver's payment obligations, which arise pursuant to a definitive acquisition agreement, originally executed with SSR totalling $13-million (U.S.) and other consideration to acquire a 100-per-cent interest in the project, are summarized follows (as now amended). The following represents the remaining payments to EMX:

• $3-million (U.S.) cash to be paid on May 15, 2025;
• $3.25-million (U.S.) cash to be paid on the sixth anniversary of the initial closing date (November, 2026);
• A sliding-scale NSR (net smelter return) royalty on all mineral production from the project for the life of mine commencing at the declaration of commercial production and based on the following:
• • 1.0-per-cent NSR royalty on all mineral production when the silver market price is up to and including $25 (U.S.) per ounce;
  • 1.25-per-cent NSR royalty on all mineral production when the silver market price is over $25 (U.S.) per ounce and when the copper market price is above $2 (U.S.) per pound.

Qualified person

Michael Parker, a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 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 EMX Royalty Corp.

EMX is a precious metal, base metal and battery metal royalty company. EMX's investors are provided with discovery, development and commodity price optionality while limiting exposure to risks inherent to operating companies.

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.