Mr. Ralph Rushton reports

AFTERMATH SILVER BEGINS DRILLING AT BERENGUELA EASTERN COPPER TARGET AND CHALLACOLLO SILVER PROJECT IN CHILE

Aftermath Silver Ltd. has commenced drilling at the eastern limits of the Berenguela mineral resource to investigate high-grade copper intercepts from Aftermath's previous drill programs.

A limited drill program is also under way at the Challacollo silver-gold project in Region 1 of northern Chile. Challacollo is a highly prospective low-sulphidation epithermal silver-gold vein deposit containing a substantial silver resource (see Table 1 below).

Ralph Rushton, president and chief executive officer of Aftermath, said: "We have started drilling the eastern copper target at Berenguela to investigate the potential for high-grade copper mineralization beyond the limits of the existing MRE [mineral resource estimate]. Our previous drilling in 2024/2025 on the eastern margins of the MRE was extremely positive and with the copper spot price close to its all-time high. I look forward to reporting on the results of the drilling later this year. Our team has also begun drilling at the Challacollo silver-gold project, which gives Aftermath further silver exposure in addition to our flagship Berenguela project in Peru. Our objective at Challacollo is to expand and increase the mineral resource and this is the first step toward that goal."

Berenguela eastern copper target

Drilling has commenced on the eastern zone of Berenguela with two section lines planned 50 metres and 100 metres of the hole AFD139, which returned 69 metres at 1.19 per cent copper plus 78 grams per tonne silver (see news release dated June 9, 2025). Drilling on the eastern limits of the MRE also returned the longest copper intercept drilled to date at Berenguela in hole AFD100, which assayed 156 metres grading 1.12 per cent copper, 290 grams per tonne silver and 7.3 per cent manganese beginning at surface (see Aftermath's news release dated Feb. 27, 2025). The initial program allows for up to 1,000 metres of core drilling but may be expanded depending on the results of the drilling.

Challacollo silver-gold project

Aftermath has also started an initial five-hole diamond core program of roughly 800 metres of diamond core drilling at the Challacollo project in Chile. Previous drilling concentrated on the principal vein (Lolon vein) to a depth of about 200 m below surface. The oxidation level at Challacollo bottoms at approximately 200 m below surface. The downdip extent of the mineralized structures remains unknown. Gold and base metal grades are generally observed to increase at depth.

The main objective of the planned program is to investigate the potential to: (a) expand the existing resource at Challacollo by extending some of known veins downdip and along strike; (b) initial drill testing of previously known but untested veins and suspected new veins on Aftermath's land package; and (c) twin some previous RC (reverse circulation) holes to obtain supplementary geological and metallurgical information. Specifically:

• Lolon North: The northern sector of the Lolon vein is still unexplored and is partially covered by colluvial deposits. In the northern sector, which corresponds to the last vein outcrops, silver mineralization may continue to depth. Drilling is targeted to cut the main vein at a vertical depth of 60 metres.
• Lucy North: Silver-bearing veins were identified to the west of the main Lolon vein. Drilling will also target disseminated silver in the host rock. The structures have a similar orientation to the Lolon vein and are located north of the Lucy vein.
• Palermo North: Palermo North is a replacement breccia with galena and significant silver values located to the north of the Palermo North vein projection.

About Challacollo

Challacollo is located in Region I in northern Chile, 130 kilometres southeast of the major port city of Iquique and 50 kilometres south of the town of Pica. The project is approximately 30 kilometres east of the Pan American Highway, through Teck Resources' Quebrada Blanca copper mine access road. The project is 139 kilometres southeast of the major Pacific port city of Iquique. High-voltage power transmission lines are located 15 to 30 kilometres from the property, in part to service nearby mines of Collahuasi and Quebrada Blanca. The project includes water rights.

Notes on the Challacollo mineral resource estimate:

• CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards (2014) were used for reporting the mineral resources.
• The effective date of the estimate is Nov. 30, 2020.
• The qualified person is Dinara Nussipakynova, PGeo, of AMC Mining Consultants (Canada) Ltd.
• Mineral resources are constrained by an optimized pit shell at a long-term metal price of $20 (U.S.) per ounce silver with recovery of 92 per cent silver and metal price of $1,400 (U.S.) per ounce gold with recovery of 75 per cent.
• Silver equivalency formula is AgEq (grams per tonne) equal to Ag (g/t) plus 57.065 multiplied by Au (g/t).
• The open-pit mineral resources are based on a pit optimization using the following assumptions:
  • Plant feed mining costs of $3.50 (U.S.) per tonne and waste mining cost of $2.50 (U.S.) per tonne;
  • Processing costs of $17 (U.S.) per tonne and general and administration costs of $2.50 (U.S.) per tonne;
  • Edge dilution of 7.5 per cent and 100-per-cent mining recovery;
  • 45-degree slope angles;
  • Cut-off grade is 35 g/t AgEq.
• The underground mineral resources are reported within Datamine MSO stopes based on the following assumptions:
  • Mining costs of $35 (U.S.) per tonne;
  • Processing costs of $17 (U.S.) per tonne and general and administration costs of $2.50 (U.S.) per tonne;
  • Minimum width of 2.5 metres;
  • No dilution or mining recovery;
  • Cut-off grade is 93 g/t AgEq.
• Bulk density used was 2.47 tonnes per cubic metre.
• Drilling results are up to Dec. 31, 2016.
• Mineral resources that are not mineral reserves do not have demonstrated economic viability.
• The numbers may not compute exactly due to rounding.
• Mineral resources are depleted for historic mined-out material.

Qualified person

Michael Parker, a fellow of the AusIMM (Australasian Institute of Mining and Metallurgy) 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 has approved the information provided in this news release and the form and context in which it appears.

About Aftermath Silver Ltd.

Aftermath Silver is a leading Canadian junior exploration company focused on silver and critical metals which aims to deliver shareholder value through the discovery, acquisition and development of quality silver and critical metal 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:

• Berenguela silver-copper-manganese project: The company owns a 100-per-cent interest in the Berenguela silver-copper-manganese project located in the department of Puno, in southern-central Peru. A current NI 43-101 mineral resource estimate was published on Dec. 4, 2025.
• Challacollo silver-gold project: The company completed the acquisition of a 100-per-cent interest in the Challacollo silver-gold project from Mandalay Resources; see company news release dated Aug. 11, 2022. An NI 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR+ and the company's website).
• 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.

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