Mr. Ralph Rushton reports

AFTERMATH SILVER WARRANT EXERCISES & OPTION/RSU GRANTS

Thirteen million two hundred twelve thousand three hundred one of Aftermath Silver Ltd.'s outstanding warrants to purchase common shares of the company have been exercised since March 18, 2025, for cash proceeds to the company of $4,572,888. The company's 35-cent warrants have now expired. A total of 132,950 warrants expired unexercised and were cancelled. (All dollar amounts are in Canadian dollars, unless otherwise noted.)

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

Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, exercised two million warrants at 35 cents for total consideration of $700,000. Following the exercise, Mr. Sprott beneficially owns and controls 73,967,630 shares and 18,253,968 Aftermath warrants, representing approximately 24.3 per cent of the outstanding shares on a non-diluted basis and 28.6 per cent on a partially diluted basis assuming the exercise of such warrants.

Stock option and RSU (restricted share unit) grants

The company has agreed to grant a total of 250,000 incentive options and 250,000 RSUs to two technical consultants. These options are exercisable into common shares of the company at an exercise price of 68 cents per share for a period of five years from the date of the grant.

The company has entered into an advisory agreement effective May 1, 2025, pursuant to which the advisers will provide the company with advice on its European marketing strategy and introduce the company to media representatives. The advisory agreement has a term of six months, under which the company agreed to issue to the advisers 100,000 RSUs and 50,000 options, which options have an exercise price of 68 cents for a period of five years from the date of grant.

The company also entered into an agreement for investor relations and communication services with Feneck Consulting Group LLC, effective June 1, 2025. The Feneck agreement has a term of 12 months, under which the company will pay to Feneck an aggregate of $84,000 (U.S.) at a rate of $7,000 (U.S.) per month. Feneck will provide continuing communications and promotional support for the company, including interviews, and assist the company with developing a financial strategy, engagement reporting and other related investor relations services. Feneck is an Arizona-based company owned and operated by John Feneck, who is arm's length to the company and holds 336,863 common shares of the company.

About Aftermath Silver Ltd.

Aftermath Silver is a leading Canadian junior exploration company focused on the development of critical metals projects. Aftermath is a preeminent silver development company with significant leverage to copper and high-purity battery grade manganese. The company's flagship asset is the Berenguela silver, copper and manganese deposit located in southern Peru.

We seek Safe Harbor.