Vancouver, BC – December 4, 2025 – Aftermath Silver Ltd. (TSXV: AAG; OTCQX: AAGFF) today announced a significant mineral resource upgrade at its flagship Berenguela silver-copper-manganese deposit in southern Peru. This pivotal development, revealed in a new National Instrument 43-101 compliant Mineral Resource Estimate (MRE), marks a substantial increase in contained silver, copper, and manganese, positioning the project as a critical source for metals vital to the burgeoning clean energy sector. The upgrade immediately enhances the project's economic viability and strategic importance, sending ripples through the global silver market which is increasingly scrutinizing supply fundamentals amidst escalating demand.
The updated MRE, prepared by BBA International (Canada) Inc., underscores Berenguela's status as one of the world's few large, undeveloped silver deposits. With a 21% increase in contained silver within the Measured and Indicated (M&I) categories, totaling 122.5 million ounces, Aftermath Silver is now firmly in the spotlight as a potential major contributor to future silver supply. This resource enhancement arrives at a critical juncture for the silver market, where prices are closely watched and demand drivers from industrial applications, particularly in photovoltaics and electric vehicles, continue to strengthen. The company's proactive steps to de-risk the project, including securing full ownership, suggest a clear path towards accelerated development, potentially influencing future price expectations for silver.
Detailed Coverage: A Transformative Upgrade for Berenguela
The newly unveiled Mineral Resource Estimate for the Berenguela deposit represents a robust expansion and de-risking of Aftermath Silver's (TSXV: AAG; OTCQX: AAGFF) Peruvian asset. Announced on December 4, 2025, this MRE significantly enhances the project's scale and confidence. The total Measured and Indicated (M&I) resources have surged by 11.37 million tonnes, an impressive 28.3% increase, bringing the combined M&I tonnage to 51.55 million tonnes. This growth is primarily attributed to the successful conversion of Inferred resources, which saw a corresponding decrease of 7.96 million tonnes, reflecting a higher degree of geological certainty for a substantial portion of the deposit.
Beyond tonnage, the contained metals show equally compelling growth. Contained silver in M&I resources escalated by 21.3 million ounces, reaching a formidable 122.5 million ounces, with an additional 22.0 million ounces in the Inferred category. This compares favorably to the 2023 MRE which reported 101.2 Moz Ag in M&I. Crucially, the upgrade also highlights significant increases in other critical metals: contained manganese rose to 2.93 million tonnes M&I, copper to 717.1 million pounds M&I, and zinc to 372.4 million pounds M&I. The consistency of grades and the open nature of mineralization to the east, where high-grade copper intersections have been identified, suggest further upside potential.
The timeline leading up to this milestone has been marked by strategic execution. Aftermath Silver completed the final payment for 100% ownership of the Berenguela project on November 24, 2025, ahead of schedule, solidifying its control over the asset. This critical step preceded the MRE announcement and underscores the company's commitment to expediting development. The new MRE itself incorporates data from 439 drill holes, including 82 diamond drill holes (5,329 meters) completed by Aftermath Silver in 2024/2025, demonstrating a rigorous and extensive exploration program. Key players involved in this achievement include Aftermath Silver's geological and development teams, alongside BBA International (Canada) Inc. who prepared the NI 43-101 compliant report.
Initial market reactions have been positive, reflected in strong trading volumes for Aftermath Silver's stock. The substantial increase in M&I resources, particularly for silver, copper, and manganese—metals crucial for the global energy transition—has garnered significant investor interest. This upgrade de-risks the project considerably and provides a solid foundation for the upcoming Pre-Feasibility Study (PFS) and the Preliminary Economic Analysis (PEA), which is anticipated by mid-2025. The company's focus is now firmly on advancing engineering work and planning additional drilling to further delineate the deposit and optimize future production scenarios.
Market Dynamics: Winners, Losers, and Strategic Shifts
The substantial resource upgrade at Aftermath Silver's (TSXV: AAG; OTCQX: AAGFF) Berenguela project is set to recalibrate competitive dynamics within the silver and critical metals mining sectors, particularly for companies operating in Peru and Latin America. This development will likely create both opportunities and challenges for various market participants.
Potential Winners:
Firstly, Aftermath Silver itself is the most apparent beneficiary. The enhanced and de-risked resource estimate significantly boosts its project's attractiveness, making it easier to secure future financing for development. The company is now better positioned to advance Berenguela through a Preliminary Economic Analysis (PEA) and Pre-Feasibility Study (PFS), with a clear path towards becoming a significant producer of silver, copper, and battery-grade manganese. This increased confidence and scale could lead to a re-rating of Aftermath Silver's valuation and increased investor interest.
Beyond Aftermath Silver, major mining companies seeking to replenish their reserves or expand their exposure to critical metals could view Berenguela as an attractive acquisition target or a joint venture candidate. Companies like Pan American Silver Corp. (TSX: PAAS; NYSE: PAAS), with its existing Peruvian operations like Huarón, or Buenaventura Mining Co. Inc. (NYSE: BVN), a significant Peruvian operator, might find the de-risked polymetallic nature of Berenguela strategically appealing. Similarly, Precious Metals Streaming and Royalty Companies, such as Wheaton Precious Metals Corp. (TSX: WPM; NYSE: WPM), could find Berenguela an ideal candidate for future streaming or royalty agreements, offering Aftermath Silver non-dilutive development capital.
Furthermore, Engineering, Procurement, and Construction (EPC) firms with expertise in large-scale mining projects in Peru will likely benefit as Berenguela progresses towards construction. Technology and Sustainable Mining Solution Providers specializing in areas like automation, data analytics, and renewable energy solutions will also find partnership opportunities, especially given the project's focus on high-purity manganese sulfate for batteries. This extends to Manganese Off-takers and Battery Manufacturers who will be keen to secure a stable supply of this crucial material, potentially leading to strategic off-take agreements. Finally, local Peruvian service providers – including drilling contractors, assay laboratories, and other local suppliers – will experience increased activity and investment as the project advances.
Potential Losers (or those facing increased pressure):
The primary challenge for other junior and mid-tier silver explorers and developers in Peru and similar jurisdictions is increased competition for capital and investor attention. Aftermath Silver's enhanced project quality sets a higher benchmark, potentially drawing investment away from less advanced or less prospective projects. Companies like Rio Silver Inc. (TSX-V: RYO; OTC: RYOOF) or Excellon Resources (TSX-V: EXN), both with Peruvian silver assets, might find it harder to differentiate themselves or attract funding if their projects lack comparable scale, de-risking, or polymetallic diversification.
The emphasis on Berenguela's polymetallic nature – silver, copper, and manganese – also highlights the growing importance of critical minerals. Purely silver-focused companies might face questions regarding their diversification and exposure to the broader critical mineral demand, potentially impacting their valuations relative to polymetallic plays. While major players like Fortuna Silver Mines Inc. (NYSE: FSM) with its Caylloma mine or Endeavour Silver Corporation (TSX: EDR; NYSE: EXK) with its recent Peruvian expansion are well-established, they will still need to continuously demonstrate project advancement and robust resource management to maintain their competitive edge in an increasingly dynamic market. In essence, Aftermath Silver's success raises the bar for all participants in the region, compelling competitors to accelerate their own development and articulate their unique value propositions more effectively.
Wider Significance: A Catalyst for Silver's Future
The significant resource upgrade at Aftermath Silver's (TSXV: AAG; OTCQX: AAGFF) Berenguela deposit in Peru transcends a mere corporate announcement; it serves as a potent indicator of broader industry trends and carries potential ripple effects across the global metals market. This event is particularly significant given the escalating demand for silver and other critical minerals, driven by the global energy transition.
This upgrade fits squarely into the broader trend of increasing demand for "green metals". Silver, with its unparalleled electrical conductivity and reflectivity, is indispensable for solar photovoltaic (PV) cells, while copper is the backbone of electrification, and manganese is a key component in lithium-ion batteries. As the world accelerates its shift towards renewable energy and electric vehicles, the discovery and development of substantial new resources like Berenguela become critically important. The project's polymetallic nature, offering silver, copper, and battery-grade manganese, positions it as a strategic asset directly aligned with these megatrends, potentially influencing how future mining projects are valued and prioritized.
The potential ripple effects on competitors and partners are multifaceted. For existing silver producers, a new large-scale project like Berenguela, once operational, could add substantial supply to the market, which might exert downward pressure on prices in the long term if demand does not keep pace. However, given the current supply deficits and robust industrial demand forecasts, the additional supply is more likely to help meet the growing needs rather than glut the market. For exploration companies, this success story could spur increased investment and exploration efforts in Peru and other geologically prospective regions, as investors seek the "next Berenguela." Furthermore, the project's advancement could foster greater collaboration between mining companies and technology providers focused on sustainable extraction and processing, particularly for battery materials.
From a regulatory and policy perspective, a successful and responsibly developed project like Berenguela could reinforce Peru's position as an attractive mining jurisdiction. Peru, already a top global producer of silver, copper, and zinc, benefits from well-established mining laws, although social license and environmental considerations remain paramount. Aftermath Silver's commitment to advancing the project through rigorous studies and its focus on critical metals could encourage government support for similar projects that align with national development goals and global sustainability agendas. This could lead to streamlined permitting processes for projects demonstrating strong ESG credentials, setting a precedent for future developments.
Historically, major resource upgrades have often preceded periods of increased investment and, eventually, production, impacting global supply. For instance, significant discoveries or expansions at large silver mines like Fresnillo's Saucito or Pan American Silver's La Colorada have historically influenced market sentiment and supply forecasts. While the immediate impact on global silver prices from a single resource upgrade is typically limited, the cumulative effect of such discoveries, particularly for a deposit of Berenguela's scale and polymetallic nature, contributes to the long-term supply picture. The consistent increase in Measured and Indicated resources, as seen here, provides a more reliable foundation for future production planning, which is a key factor for market stability and investor confidence. The market will be watching closely to see how this resource translates into economic viability and, ultimately, production.
What Comes Next: Charting Berenguela's Path and Silver's Ascent
The significant resource upgrade at Aftermath Silver's (TSXV: AAG; OTCQX: AAGFF) Berenguela project marks a crucial inflection point, setting the stage for a dynamic period of development and potentially influencing the broader silver and critical metals markets. The path forward for Berenguela involves both short-term strategic actions and long-term visionary goals, all against a backdrop of evolving market opportunities and challenges.
In the short-term (1-2 years), Aftermath Silver is poised to accelerate its technical and economic studies. The immediate priority is the launch of a comprehensive Pre-Feasibility Study (PFS) for Berenguela, which will refine the project's economics for the production of silver, copper, and manganese. Crucial metallurgical test work is already underway to optimize processing flowsheets and establish preliminary plant costs, directly feeding into a Preliminary Economic Assessment (PEA) anticipated by mid-2025. Further drilling is planned to explore the eastern margins, where high-grade copper intersections offer expansion potential, and to follow up on a copper-enriched area to the southwest, pending permits. These steps are designed to de-risk the project further and provide a clearer picture of its economic viability.
Looking into the long-term (3-5+ years), the vision for Berenguela is to evolve into a multi-metal producing mine. The shallow nature of the mineralization suggests a potential open-pit operation, which can offer cost efficiencies. The strategic objective is to produce not only silver dore and copper metal but also a commercial-grade manganese product, specifically high-purity manganese sulfate monohydrate (HPMSM) – a vital component for the rapidly expanding electric vehicle battery market. This focus on battery-grade manganese represents a key strategic pivot, aligning Aftermath Silver with the burgeoning demand for critical battery metals and differentiating Berenguela from many traditional silver projects. The project's existing infrastructure, including water, grid power, and proximity to a railway loading station connected to a Pacific coast port, provides a significant advantage for future operations.
Several market opportunities and challenges will shape Berenguela's journey. The project stands to benefit immensely from the robust industrial demand for silver, copper, and manganese, driven by the global energy transition. Silver's role in solar PV cells and EVs, coupled with copper's indispensability in electrification and manganese's critical role in EV batteries, creates a powerful demand pull. The broader silver market is experiencing persistent supply deficits, projected to widen further, which could support bullish price predictions from analysts, with some forecasting silver prices to reach $50 per ounce and beyond. For Aftermath Silver, the multi-metal endowment of Berenguela provides diversification and exposure to multiple high-demand commodities. However, challenges include the technical complexity of hydrometallurgical processing for high-purity manganese, potential price volatility for all three metals, and the need to secure substantial financing for development, especially given Aftermath Silver's current lack of revenue and persistent losses as a development-stage company. Operational hurdles related to developing a mine in potentially steep terrain also need careful management.
Potential scenarios for the project range from an optimistic outcome where rapid development leads to swift production, establishing Aftermath Silver as a key critical metals supplier, to a moderate scenario involving phased development or a joint venture to mitigate risks, or even a challenging scenario where unforeseen delays or adverse market conditions hinder progress. For the broader silver market, the Berenguela project's success could contribute to a bullish scenario of a supply squeeze and price surge if industrial demand continues to outpace limited mine supply, or a moderate scenario of steady growth and price appreciation. Conversely, a significant global economic downturn or rapid thrifting in silver usage could lead to a bearish scenario of demand weakness and price stagnation. Aftermath Silver's ability to navigate these complexities and execute its development plans will be paramount in determining its future success and its impact on the global supply of these essential metals.
Comprehensive Wrap-up: Berenguela's Enduring Impact
The resource upgrade at Aftermath Silver's (TSXV: AAG; OTCQX: AAGFF) Berenguela deposit in Peru marks a defining moment for the company and carries significant implications for the future of the silver and critical metals markets. The key takeaway is the substantial increase in Measured and Indicated resources, particularly a 21% boost in contained silver to 122.5 million ounces, alongside significant gains in copper and, crucially, battery-grade manganese. This not only de-risks the project but also firmly positions Berenguela as a globally significant polymetallic deposit, directly aligned with the accelerating demand for materials vital to the clean energy transition.
Moving forward, the market will assess Aftermath Silver's ability to translate this enhanced resource into economic viability and, ultimately, production. The initiation of a Pre-Feasibility Study and the anticipated Preliminary Economic Assessment by mid-2025 will be critical milestones. The company's strategic pivot towards producing high-purity manganese sulfate, alongside silver and copper, demonstrates a keen understanding of evolving market demands and positions Berenguela uniquely within the mining landscape. While the technical complexities of processing these diverse metals, particularly manganese, present challenges, the existing infrastructure and the 100% ownership provide a solid foundation.
The lasting impact of Berenguela's development extends beyond Aftermath Silver. It underscores the ongoing structural deficits in the silver market and highlights the growing importance of new discoveries that can meet escalating industrial demand. This project serves as a bellwether for the increasing value placed on polymetallic deposits that can supply multiple critical minerals for the energy transition. For investors, the coming months will be crucial. They should closely watch the progress of the PEA and PFS, further metallurgical test results, and any new drilling campaigns that could expand the resource. Additionally, monitoring global silver, copper, and manganese prices, along with broader trends in renewable energy and electric vehicle adoption, will provide context for Berenguela's potential economic success and its role in shaping the future supply of these indispensable metals. The journey from resource upgrade to full-scale production is long, but Aftermath Silver has laid a compelling foundation for what could become a significant player in the global critical minerals supply chain.
This content is intended for informational purposes only and is not financial advice
