Mr. Ralph Rushton reports

AFTERMATH SILVER LTD. ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

Aftermath Silver Ltd. has closed the second and final tranche of its previously announced non-brokered private placement, whereby the company has completed the issuance of 5,367,573 units at a price of 22 cents per unit for gross proceeds of $1,180,866.14. The company has raised aggregate gross proceeds of $3.85-million through the sale of 17.5 million units in the private placement.

Each unit consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder to acquire one additional common share for a period of 24 months from the date of issuance at a price of 32 cents per common share.

The company intends to use the net proceeds of the private placement to complete geological, metallurgical and engineering studies at the company's Berenguela silver-copper-manganese project in southern Peru and for general working capital purposes.

A director of the company (the interested party) purchased or acquired direction or control over a total of 1,656,318 units as part of the second tranche of the private placement. The placement to such interested party 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 party's participation in the second tranche of 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 second tranche of the private placement as the details of the participation of the interested party had not been confirmed at that time.

In connection with the second tranche, the company issued 70,496 finders' warrants and paid commissions of $15,509.16 to certain finders. Each finder's warrant entitles the holder to purchase an additional common share at a price of 32 cents for a period of 24 months from the date of issuance.

All securities issued pursuant to the second tranche, including the finders' warrants, are subject to a hold period expiring on Aug. 12, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Agreement for investor relations services

The company announces that it has entered into an investor relations (IR) agreement with Departure Capital Inc., a Vancouver-based marketing company beneficially owned by Aaron Missere, pursuant to which the consultant has agreed, to be effective as of April 15, 2024, to provide a social media program for the company for a term of three months.

The consultant has been engaged to heighten market awareness for the company through social media channels. In conducting the social media program, the consultant will create social media posts and engage in interviews with company management.

The company will pay the consultant a cash fee of $10,000, which the company intends to pay out of its general working capital account.

The company and the consultant act at arm's length. The consultant currently holds: (i) 23,000 common shares; and (iii) 11,500 warrants with an exercise price of 32 cents expiring on April 2, 2026. The consultant has no other interest in the company or its securities, or any right to or intent to acquire such an interest at this time.

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 mineral 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 United States 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 mineral resource estimate in March, 2023, based on over 300 core and RC (reverse circulation) holes.

Recent bench-scale metallurgical test work successfully produced commercial battery-grade 99.98-per-cent-pure-manganese-sulphate crystals (see news release dated Feb. 29, 2024).

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.

About Aftermath Silver Ltd.

Aftermath 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 owns a 100-per-cent interest in the Challacollo silver-gold project. 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 completing environmental permitting in anticipation of an upcoming drill program.

Cachinal silver-gold project

The company owns a 100-per-cent interest in the Cachinal Ag-Au (silver-gold) project, located 2.5 hours south of Antofagasta. 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.