Mr. Ralph Rushton reports

AFTERMATH SILVER CLOSES $10 MILLION PRIVATE PLACEMENT WITH MR. ERIC SPROTT

Aftermath Silver Ltd. has closed its previously announced non-brokered private placement whereby the company completed the issuance of 22,222,222 units at a price of 45 cents per unit for gross proceeds of $10-million.

Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant is exercisable by the holder thereof to acquire one additional common share for a period of 36 months from the date of issuance at a price of 70 cents per warrant share.

The company intends to use the net proceeds 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.

All securities issued pursuant to the private placement are subject to a hold period expiring on March 29, 2025. In connection with the private placement, the company paid an aggregate cash commission of $300,000 to certain finders.

Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired all 22,222,222 units for 45 cents per unit or total consideration of $10-million. The acquisition of 22,222,222 units resulted in an increase of holdings of approximately 7.2 per cent of the outstanding common shares on a partially diluted basis (assuming exercise of all 2176423 Ontario's warrants) from what was reported in 2176423 Ontario's last early warning report. Prior to the private placement, Mr. Sprott beneficially owned and controlled 49,745,408 shares and 9,142,857 warrants, representing approximately 18.7 per cent of the outstanding shares on a non-diluted basis and 21.5 per cent on a partially diluted basis assuming the exercise of such warrants. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 71,967,630 shares and 20,253,968 warrants, representing approximately 25.0 per cent of the outstanding shares on a non-diluted basis and 30.0 per cent on a partially diluted basis assuming the exercise of such warrants.

The units were acquired by Mr. Sprott 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.

The participation by 2176423 Ontario is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to 2176423 Ontario, nor the consideration for such securities will exceed 25 per cent of the company's market capitalization.

A copy of Mr. Sprott's early warning report will appear on Aftermath's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (1106-7 King St. East, Toronto, Ont., M5C 3C5).

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 U.S. government and the European Union.
• The project is fewer 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 reverse circulation holes.
• Metallurgical testwork 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.

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. An NI 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR+ and the company's web page). The company is currently completing environmental permitting 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 Sept. 16, 2020, the company released a Canadian Institute of Mining, Metallurgy and Petroleum-compliant mineral resource and accompanying NI 43-101 technical report (available on SEDAR+ and on the company's web page).

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