Mr. Ralph Rushton reports

AFTERMATH SILVER BERENGUELA & CHALLACOLLO PROJECT UPDATES

Aftermath Silver Ltd. has provided an update to the continuing work programs at its Berenguela silver-copper-manganese project in Puno province, southern Peru, and the Challacollo silver-gold project in Region I of northern Chile.

Ralph Rushton, president and chief executive officer, commented: "With key exploration and geotechnical drilling under way, we expect a busy next few months at Aftermath. I am pleased to report that our prefeasability report for the Berenguela project is on schedule and on budget. At Berenguela, we are currently doing follow-up drilling on the previous high-grade copper intersections in the eastern zone and expect to be drilling the prospective Southwest skarn intrusive target shortly. We are also completing a nine-hole geotechnical drilling program designed to feed into the prefeasability study, which is due Q1 2027. At the Challacollo silver property in Chile, we are drilling to test depth and lateral extensions to the main Lolon vein and to verify the potential of the Lucy vein to the west. We will be extending the drill program at Challacollo."

Berenguela silver-copper-manganese project

Prefeasibility study

Since the Berenguela prefeasibility study (PFS) started in February, 2026, the company has completed a comprehensive gap analysis to define the geological, engineering, metallurgical, geotechnical and environmental data required to advance the project to a PFS level of definition.

Work completed during the period includes an infill drilling program and a further phase of metallurgical test work, which has delivered additional confidence to the process flow sheet. Geotechnical and hydrogeological drilling is currently under way to support mine design and future permitting activities.

Trade-off studies have also been undertaken across key project parameters, including plant throughput, plant location, reagent supply and supporting infrastructure. Each option has been assessed on technical, environmental and social criteria, with the outcomes then integrated into a trade-off model with indicative economic assessments of the various development scenarios. This work provides the basis for selecting the preferred development configuration as the PFS advances.

The study remains on budget and on schedule for publication in early 2027.

Diamond drilling

As of July, 2026, Aftermath has completed 4,002 metres of its third diamond drilling campaign at the main Berenguela resource (news releases dated March 25, 2026, May 19, 2026, and June 25, 2026). The current drill program at Berenguela has four main objectives:

1. To explore untested areas in the eastern and southeastern zones of the known mineralization where the 2024/2025 drill campaign and historic drilling encountered high copper grades. This includes the Copper East target, identified in 2024/2025, which returned longest copper intercept drilled to date at 156 metres grading 1.12 per cent copper, 290 grams per tonne silver and 7.3 per cent manganese and the highest silver intercept to date at 1.95 metres at 14,252 g/t (1.43 per cent) silver from 29.30 to 31.25 m (news release dated Feb 27, 2025);
2. To upgrade part of the indicated resources to measured resources primarily in the western and central domains where future mining is likely to start;
3. To further define the mineralization on the northern extent of the known resources in the west of the project;
4. Collection of a bulk sample of mineralization for metallurgical test work in areas where future mining is likely to start.

Aftermath is completing the geotechnical drilling program intended to support engineering studies and detailed geotechnical logging is continuing. The arrival of a second drill rig allowed drilling to start on the eastern zone of Berenguela at the Copper East target. The Copper East target was tested during the 2024/2025 drilling program and remains open, with two section lines planned: 50 and 100 m east of the hole AFD139, which returned 69 m at 1.19 per cent copper plus 78 g/t silver (see news release dated June 9, 2025). Depending on the geotechnical program, as soon as one of the diamond drill rigs becomes available, drilling will start on the Southwest intrusive target -- a new zone four kilometres from Berenguela (see news release dated Feb. 1, 2024).

Challacollo silver-gold project

Aftermath announced its plan for an initial five-hole diamond core project in September, 2025 (see news releases dated Sept. 23, 2025, and July 22, 2026) with the objectives of verifying and extending the Lolon vein within the known resource and testing the potential of the vein south of the currently defined resource. To date, five holes have been completed -- four on the Lolon vein and one on the Lucy vein -- for a total drilled metreage of 630 m. The rig is moving back to Lolon South and the company is extending the drill program to 2,000 m.

About Challacollo

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

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 approves the information provided in the form and context in which it appears.

Berenguela project (100 per cent)

Background

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 RC 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.

Geology

The host stratigraphy at Berenguela comprises folded thickly bedded, light grey limestones and dolomitized limestones. Several large bodies of black massive, patchy and fracture-controlled manganese oxide replacement mineralization with associated silver, copper and zinc enrichment, occur in the folded limestones. Mineralization largely follows stratigraphy and is typically conserved as eroded synform or antiform remnants, usually exposed at surface and with fold axes trending 105 to 120 degrees. Historical mapping and resource modelling show the mineralization to extend for roughly 1,500 m along strike.

Generally, the limestone is underlain by a transitional arenite unit overlying evaporites in footwall formations. In the area covered by this release, the eastern margin of mineralization, the arenites and evaporites were not generally encountered, suggesting the limestone sequence is thickening eastward and downfaulted in blocks.

Challacollo silver-gold project

The company owns a 100-per-cent interest in the Challacollo epithermal silver-gold project through a binding agreement with Mandalay Resources (see the company's news release dated June 27, 2019). The company will aggressively seek to grow the mineral resource.

About Aftermath Silver Ltd.

Aftermath Silver is a leading Canadian junior exploration company focused on the development of precious and critical metals projects. Aftermath is a pre-eminent 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.

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