Aftermath Silver: Drilling Continues at Berenguela and Drilling Commences at Challacollo Silver Project

Rhea-AI Summary

Aftermath Silver (OTCQX: AAGFF) announced drilling programs at its Peruvian Berenguela and Chilean Challacollo projects on December 10, 2025. Berenguela will receive a targeted follow-up program of 4,000m diamond core plus 2,000m RC to test eastern/south‑eastern zones, upgrade resources and collect a bulk RC sample. Berenguela's new MRE (Dec 4, 2025) reports Measured & Indicated 122.5 Moz Ag (21% increase) and 14.33 Mt Inferred with 22.0 Moz Ag.

Challacollo plans ~1,000–2,000m core (7–10 holes) to test down‑dip and along‑strike extensions of known veins and confirm historical RC results; first assays are expected in Q1 2026.

Positive

• Berenguela Measured+Indicated silver = 122.5 Moz (21% increase)
• Planned Berenguela drilling: 4,000m core + 2,000m RC
• Planned Challacollo drilling: 1,000–2,000m core
• Historic Berenguela intercept: 156m @ 1.12% Cu, 290 g/t Ag, 7.3% Mn

Negative

• Challacollo Inferred silver = 11,144 Koz remains unconverted
• Berenguela Inferred silver = 22.0 Moz remains as inferred

News Market Reaction

+0.90%

1 alert

+0.90% News Effect

On the day this news was published, AAGFF gained 0.90%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Berenguela diamond drilling: 4,000 m Berenguela RC drilling: 2,000 m Challacollo drilling: 1,000–2,000 m +5 more

8 metrics

Berenguela diamond drilling 4,000 m Targeted follow-up core program at Berenguela Ag-Cu-Mn project

Berenguela RC drilling 2,000 m RC drilling for exploration and bulk sample collection at Berenguela

Challacollo drilling 1,000–2,000 m Planned diamond core drilling at Challacollo Ag-Au project

Copper East intercept 156 m 156 m grading 1.12% Cu, 290 g/t Ag, 7.3% Mn at Berenguela

High-grade silver interval 1.95 m @ 14,252 g/t Ag From 29.30–31.25 m at Berenguela per Feb 27, 2025 release

Berenguela M&I silver 122.5 Moz Measured and Indicated contained silver in Berenguela MRE table

Challacollo Indicated silver 35,150 Koz Total Indicated silver resource for Challacollo project

Challacollo Indicated gold 58 Koz Total Indicated gold resource for Challacollo project

Market Reality Check

Price: $0.8744 Vol: Volume 1,125,048 is about...

high vol

$0.8744 Last Close

Volume Volume 1,125,048 is about 1.79x the 20-day average of 628,475 shares. high

Technical Price 0.723 is trading above the 200-day MA at 0.51 and within 10% of the 52-week high at 0.80.

Peers on Argus

AAGFF gained 0.9% with elevated volume, while several metals peers also showed m...

AAGFF gained 0.9% with elevated volume, while several metals peers also showed modest gains (e.g., GPPRF +5.02%, MDNGF +5.36%, OMZNF +2%). Scanner data did not flag a coordinated sector momentum move.

Common Catalyst At least one peer (GPPRF) also reported project advancement news in the mining space.

Historical Context

5 past events · Latest: Dec 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Resource update	Positive	-7.2%	New NI 43-101 MRE increased Berenguela M&I tonnage and contained silver.
Nov 24	Project acquisition	Positive	+4.9%	Final payment completed to acquire 100% of Berenguela project.
Oct 30	IR agreements	Neutral	+3.4%	Engaged multiple parties for videos and promotional investor relations work.
Oct 23	Market making deal	Neutral	-2.1%	Engaged Independent Trading Group to provide TSXV market making services.
Sep 23	Drill plan	Positive	-5.6%	Outlined Q4 2025 Challacollo drill program targeting up to 2,000 m.

Pattern Detected

Operational and resource updates have produced mixed reactions: some positive deals and IR news aligned with price gains, while substantial project or drilling updates have at times been followed by short-term declines.

Recent Company History

This announcement continues a sequence of Berenguela- and Challacollo-focused updates. On Nov 24, 2025, Aftermath completed the final payment to acquire 100% of Berenguela. On Dec 4, 2025, it released a new NI 43-101 MRE lifting M&I tonnes to 51.55 Mt and contained silver to 122.5 Moz. Earlier, the company outlined a 7–10 hole, up to 2,000 m drill program at Challacollo. Today’s news marks execution of those drilling plans at both core projects.

Market Pulse Summary

This announcement described active drilling at Berenguela and the start of core drilling at Challaco...

Analysis

This announcement described active drilling at Berenguela and the start of core drilling at Challacollo, building on the new Berenguela MRE of 122.5 Moz contained M&I silver and Challacollo’s NI 43-101 resources of 35,150 Koz silver and 58 Koz gold in the Indicated category. Investors may focus on execution of the planned metreage, the high-grade intercepts cited from prior work, and the timing and quality of assays expected from both projects.

Key Terms

ni 43-101, mineral resource estimate, rc drilling, diamond core drilling, +4 more

8 terms

ni 43-101 regulatory

"previous NI 43 101 mineral resource (MRE) to convert inferred"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

mineral resource estimate technical

"A new MRE was published on December 4, 2025"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

rc drilling technical

"4,000m of diamond core drilling and 2,000m of RC drilling has started"

RC drilling, short for reverse circulation drilling, is a method used to collect rock and soil samples from below the surface by sending a hollow drill rod down and pumping rock chips up inside the rod rather than pulling them up the outside. Think of it like a vacuum tube that brings up material quickly and with less contamination, so investors care because it provides faster, cheaper and usually more reliable samples for estimating mineral resources and guiding exploration decisions.

diamond core drilling technical

"4,000m of diamond core drilling and 2,000m of RC drilling has started"

Diamond core drilling is a method of mining exploration that cuts a cylindrical plug of rock using a diamond-lined drill bit, producing an intact core sample like taking a tissue biopsy from the earth. Investors care because those samples are tested to show the type, concentration and continuity of minerals, which directly affects how much a deposit might be worth, how risky development is, and how confidently companies can plan budgets and timelines.

epithermal technical

"Challacollo is a low-sulphidation epithermal silver-gold system located"

Epithermal describes a type of mineral deposit formed when hot fluids near the Earth’s surface deposit metals such as gold and silver into cracks and porous rock, often creating concentrated ‘veins’ or pockets. For investors, epithermal deposits matter because they can host high-grade, easily accessible ore that may lower extraction costs and shorten the time from discovery to production, affecting project value and exploration risk.

oxidation level technical

"The oxidation level at Challacollo bottoms at approximately 200m below surface."

Oxidation level describes how much a substance has reacted with oxygen or lost electrons, similar to how an apple browns or metal rusts when exposed to air. For investors, it signals material stability, product shelf life, manufacturing yield and regulatory or environmental concerns—changes in oxidation level can affect safety, performance, costs and the need for extra controls or recalls.

qualified person regulatory

"a non-independent qualified person, as defined by National Instrument 43-101."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

nsr financial

"Berenguela Ag-Cu-Mn deposit Mineral Resource Estimate at 137.40 USD NSR."

NSR, or Net Service Revenue, is the total income a company earns from its core services after subtracting any discounts, refunds, or allowances. It reflects the actual money coming in from the main operations, similar to how a store’s sales revenue shows what it gains from selling products, minus returns or discounts. For investors, NSR provides a clearer picture of a company's true earning power from its primary business activities.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 10, 2025) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the "Company" or "Aftermath Silver") is pleased to announce that a targeted follow-up drill campaign of 4,000m of diamond core drilling and 2,000m of RC drilling has started at its Berenguela silver-copper-manganese project in Puno province, southern Peru.

Drilling is also beginning this week at Aftermath's Challacollo silver-gold project in Region 1, northern Chile, where approximately 1,000 - 2,000m of core drilling is planned (see Aftermath NR dated September 23, 2025).

Ralph Rushton, President and CEO, commented: "Aftermath is focused on drilling both Berenguela and Challacollo, and considering the current silver price these programs should further highlight Aftermath's exposure to silver. At Challocollo, we're focused on investigating the potential to expand the current resource. At Berenguela, our objective is to follow up on the high copper grades encountered on the eastern side of the resource (see new release dated Feb.27, 2025) and to infill drill the area which is the most likely location of initial mining operations in the future. With the prices of silver and copper climbing, it's an opportune time for us to be following up at Berenguela and to advance Challacollo. I look forward to reporting the first assays from both programs in Q1 2026."

Berenguela Ag-Cu-Mn project

Berenguela is Aftermath's flagship project. Recent drilling has focused on infilling of the previous NI 43 101 mineral resource (MRE) to convert inferred to measured and indicated resources. A new MRE was published on December 4, 2025 (see NR dated Dec. 4, 2025 linked here). The current drill program has three objectives:

1. To explore untested areas in the east and south-east zone of the known mineralisation where the 2024-2025 drill campaign and historic drilling encountered high copper grades. This includes the 'Copper East' target, identified in 2024/25 which returned longest copper intercept drilled to date at 156m grading 1.12% Cu, 290 g/t Ag and 7.3% Mn, and the highest silver intercept to date at 1.95m @ 14,252 g/t (1.43% Ag) from 29.30 to 31.25m (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 initiate;

3. To further define the mineralization between the central and northern areas;

4. Collection of a bulk sample of mineralization by RC drilling for future metallurgical testwork.

Aftermath has retained AK Drilling of Lima to complete the current planned drilling. AK will be using a D800 drill rig which requires less site preparation and can drill in areas of steeper topography.

About Berenguela

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 105-120 degrees. Drilling and resource modelling shows the mineralization to extend for roughly 1,500m along strike and up to 400m wide.

Berenguela Mineral Resource Estimate

Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource Estimate at 137.40 USD NSR.

Resource Classification	Tonnage Mt	Grade				Contained Metal
		Ag	Mn	Cu	Zn	Ag	Mn	Cu	Zn
		g/t	%	%	%	Moz	Mt	Mlb	Mlb
Measured	8.49	101	8.97	0.89	0.32	27.7	0.76	166.9	60.0
Indicated	43.06	68.5	5.04	0.58	0.33	94.9	2.17	550.2	312.5
Measured and Indicated	51.55	73.9	5.69	0.63	0.33	122.5	2.93	717.1	372.4
Inferred	14.33	47.6	3.28	0.37	0.25	22.0	0.47	118.4	80

 

Source: Aftermath Silver News Release "Aftermath Silver Berenguela Silver-Copper-Manganese Project: Contained Silver in Measured and Indicated Resources Increases by 21% to 122.5 Moz, with 22.0 Moz of Silver in Inferred Resources" dated December 4, 2025 available here: https://aftermathsilver.com/news-releases/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in-measured-and-indicated-resources-increases-by/

Challacollo Ag-Au Project

About Challacollo

Challacollo is a low-sulphidation epithermal silver-gold system located in Region I in Northern Chile, 130km southeast of the major port city of Iquique and 50 km south of the town of Pica. The project is approximately 30km east of the Pan American Highway, via Teck Resources' Quebrada Blanca Copper Mine access road. High voltage power transmission lines are located 15-30 km from the property, in part to service nearby mines of Collahuasi and Quebrada Blanca. Challacollo is a highly prospective low-sulphidation epithermal Silver-Gold vein deposit containing a substantial historic NI43-101 silver resource (see Table 2). The Project includes water rights.

Aftermath is planning an initial 7- to 10-hole diamond core program of up to 2,000 metres total drilling. Previous drilling concentrated on the principal vein (Lolon vein) to a depth of 200m below surface. The oxidation level at Challacollo bottoms at approximately 200m below surface. The down-dip extent of the mineralized structures remains unknown. Gold and base metal grades are generally observed to increase at depth. The main objectives for the program are:

1. Investigate potential to expand the existing resource at Challacollo by extending some of known veins down dip and along strike;

2. Begin initial drill testing of previously known but untested veins and new drill targets, and

3. Confirm several previous RC hole results to obtain supplementary geological and metallurgical information.

Table 2. Summary of the Mineral Resource Estimate for the Challacollo Silver-Gold Project

Classification	Material Type	Tonnes (Kt)	Silver (g/t)	Gold (g/t)	Silver (Koz)	Gold (Koz)
Indicated	Open Pit	5,597	170	0.27	30,639	49
	Underground	1,043	134	0.29	4,510	10
	TOTAL	6,640	165	0.27	35,150	58
Inferred	Open Pit	2,360	117	0.15	8,912	11
	Underground	443	157	0.26	2,232	4
	TOTAL	2,803	124	0.17	11,144	15

 

Source: NI 43-101 technical report for the Challacollo Mineral Resource Estimate prepared by AMC Mining Consultants (Canada) Ltd, announced on December 15, 2020, titled "Aftermath Silver Announces Mineral Resource Estimate for Challacollo Silver-Gold Project, Chile, linked here: https://aftermathsilver.com/site/assets/files/5659/techreport_challacollo_resource_estimate.pdf

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 and approved the technical content of this news release and the form and context in which it appears.

About Aftermath Silver Ltd.

Aftermath Silver Ltd. 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 has acquired the rights to a 100% interest in Berenguela through a binding agreement with SSR Mining and EMX Royalties. The project is located in the Department of Puno, in southern central Peru. A current NI 43-101 mineral resource estimate was published on December 4, 2025. A NI43-101Technical Report on the property will be filed shortly.

• Challacollo Silver-Gold project. The Company completed the acquisition of a 100% interest in the Challacollo silver-gold project from Mandalay Resources; see Company news release dated August 11, 2022. A NI 43-101 mineral resource was released on December 15, 2020 (available on SEDAR+ and the Company's web page).

• Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag-Au project, located 2.5 hours south of Antofagasta.

ON BEHALF OF THE BOARD OF DIRECTORS

"Ralph Rushton"

Ralph Rushton
CEO and Director
604-484-7855

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

Certain of the statements and information in this news release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to interpretation of exploration programs and drill results, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the Feasibility Study; and general economic, market or business conditions. In addition, forward‐looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate. The reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Aftermath Silver's profile at www.sedarplus.ca.

There is no certainty that any forward‐looking statement will come to pass, and investors should not place undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to any of the forward‐looking statements in this release, except as required by law.

Cautionary Note to US Investors - Mineral Resources

This News Release has been prepared in accordance with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277538

FAQ

What drilling did Aftermath Silver (AAGFF) announce for Berenguela on December 10, 2025?

A targeted program of 4,000m diamond core plus 2,000m RC to test east/south‑east targets, upgrade resources and collect a bulk RC sample.

How much core drilling will Aftermath (AAGFF) do at Challacollo and when will assays be expected?

Challacollo plans approximately 1,000–2,000m core (7–10 holes); first assays are expected in Q1 2026.

What is the updated Berenguela Measured and Indicated silver figure reported in December 2025?

Berenguela Measured and Indicated silver increased to 122.5 Moz, a reported 21% rise.

Which high‑grade Berenguela intercepts is Aftermath targeting in follow‑up drilling?

Follow‑up targets include the 'Copper East' zone where previous drilling returned 156m @ 1.12% Cu, 290 g/t Ag, 7.3% Mn and a high silver intercept of 1.95m @ 14,252 g/t Ag.

What are Aftermath's objectives for the Berenguela program (AAGFF)?

Objectives are to explore untested east/south‑east areas, upgrade indicated to measured in western/central domains, define central‑northern mineralization, and collect a bulk RC sample for metallurgical work.

How material is the existing Challacollo resource for Aftermath (AAGFF)?

Challacollo reported a total indicated resource of 35,150 Koz Ag and inferred 11,144 Koz Ag in the published NI 43‑101 estimate.