Mr. Ralph Rushton reports

AFTERMATH SILVER IDENTIFIES PORPHYRY AND SKARN TARGETS AT BERENGUELA AG-CU-MN PROJECT

Aftermath Silver Ltd. has provided an update on target generation work under way at the Berenguela silver-copper-manganese project in southern Peru. The technical team has been reviewing historic fieldwork carried out by previous operators of the project, including Rio Tinto (RTZ).

Metallurgical test work is also under way on silver-copper-manganese mineralization and Aftermath anticipates reporting on this work in February.

Based on a review of historic geophysical data, Aftermath believes that there is potential for bulk-tonnage porphyry and/or skarn-hosted copper mineralization approximately four kilometres to the southwest of the Berenguela Ag-Cu-Mn project. Work is continuing to further define the targets. Aftermath will also be following up on hole BED 006, drilled by Silver Standard in 2015 on the northeast corner of the current resource (see Aftermath news release dated March 2, 2023), which returned 123 metres of 1.17 per cent copper, partly associated with brecciated dioritic intrusives.

Geochemical program and ground magnetic survey

In 2018, Valor Resources Ltd. completed a systematic geochemical rock chip sampling program on a sample spacing of roughly 50 metres in the southwest of the Berenguela concessions; 198 samples were collected. This program was limited to the west and south by the edge of the Berenguela land package, and to the east by lack of outcrop. There was no evidence of outcropping mineralization to the north and no sampling was carried out there.

The geochemistry defines a broad northwest-southeast linear-trending copper-in-rock sample anomaly, roughly one km long, returning assays from trace to a maximum of 10.9 per cent Cu in rock chips. The results include 22 samples grading in excess of 1 per cent copper. There was a general correlation between Cu, Ag and Mn, but little geochemical response was observed from the gold assays. At the northwest end of the anomalous copper trend, outside of Aftermath's concessions, an active mine exploits magnetite hosted in altered limestones of the Ayavacas formation.

Previous historic geochemical soil sampling programs completed in 2009, 2010 and 2015 have been noted on maps of the area but Aftermath is not currently in possession of the results.

Aftermath geologists have confirmed that the northern part of the copper anomaly is located principally in brecciated diorites of probable Tacaza group age that intrude Cretaceous dolomitic limestones of the Ayavacas formation, which also hosts the Berenguela resource. Several old workings show copper mineralization (malachite and neotocite Cu oxides) and Mn oxides related to crosscutting multistage quartz veinlets. Altered dolomitic limestones also show Cu and Mn mineralization. Some skarn float was observed to the east.

The geochemical results are historical in nature. Aftermath has not yet undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. However, Aftermath considers these historical sampling results relevant, and the company will use these data as a guide to plan future exploration programs. The historic analyses were undertaken at SGS Laboratories in Lima via inductively coupled plasma optical emission spectroscopy (ICP-OES). As part of the quality assurance/quality control Valor inserted four standard samples (CDN-HZ-2, CDN-ME-4 and CDN-ME-12), three blank samples and two duplicates. Gold analysis was performed by fire assay at SGS. SGS's facility in Lima is a fully accredited laboratory and Aftermath believes the analytical results are reliable.

Geophysics

The company recently obtained the results of a comprehensive ground magnetic survey carried out by Rio Tinto in 2019 under the terms of a joint venture with the previous operator, Valor. The survey covers the southern portion of the Berenguela land package and complemented a ground magnetic survey carried out in 2009. RTZ's geophysical contractors created a magnetic vector inversion model (MVI) using Geosoft VOXI software.

Aftermath has reviewed the MVI model and extracted the amplitude, induced and remnant components of this inversion. The induced and remnant components appear to have identified two potential buried intrusive centres in the south and southwest of the Berenguela land. The southwest centre is roughly coincident with the geochemical trend outlined above and appears to be related to the eastern flank of the Limon Verde monzogabbro -- dated at 30 million years -- which intrudes into the Ayavacas limestones. The induced component of the magnetic signature suggests the presence of magnetite as an alteration mineral in the intrusives or flanking intruded rocks, whilst the remnant component suggests the potential alteration of the intruded rocks.

Historic drilling

Three diamond drill holes were drilled in 2010 by previous operators in the southwest area: BER-G-15, BER-J-14 and BER-F-13. Only BER-J-14 returned 1.48 per cent Cu and 196 grams per tonne Ag over four m from 6.5 to 10.5 m. The drilling is not considered to have tested the area fully as the holes were positioned marginal to the main copper anomalies identified in 2018. North-south drilling directions carried out were also not conducive to testing any potential mineralization to the west.

Note: These drill results are historic in nature and Aftermath has not carried out sufficient work yet to confirm them. However, the assays were performed on behalf of Silver Standard by SGS Lima, an internationally accredited lab. The data have been reviewed in detail by Aftermath's technical team and are believed to be of sufficiently good quality to allow aftermath to design a second phase of exploration utilizing the data.

Target definition results

Aftermath intends to expand the geochemical exploration using soil sampling to the northeast in an area of mixed outcrop and cover. Orientation surveys will be carried out over the area of rock chip sampling, combined with detailed geological mapping. There is potential to carry out an induced polarization survey orientated in an east-west direction to detect the presence of subsurface accumulations of sulphides which would lead to the generation of drill targets.

Qualified person

Michael Parker, a fellow of the 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.

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 km 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 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.

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.