Current Mineral Resource

Current NI43-101 Mineral Resource, effective date November 31, 2025

The current Mineral Resource Estimate (see table 1) confirms and expands Aftermath’s previous 2023 Mineral Resources and is based on the most extensive geological model of the Berenguela deposit to date, which significantly enhances the understanding of the deposit. Approximately 90% of the recent 2024/2025 drilling took place within the limits of the historic resource.

Infill drilling in 2024/2025 converted a significant tonnage from the Inferred category to Measured and Indicated (M&I). Combined M&I resources increased by 11.37 million tonnes or 28.3% to 51.55 million tonnes. The contained metal in M&I resources increased relative to the 2023 MRE* as follows:

• Silver increased by 21.3 Moz (21%) to 122.5 Moz M&I with 22.0 Moz Inferred resources.
• Manganese increased to 2.93 Mt M&I with 0.47 Mt Inferred resources.
• Copper increased to 717.1 Mlb M&I with 118.4 Mlb Inferred resources.
• Zinc increased to 372.4 Mlb M&I with 80Mlb Inferred resources.

*The Berenguela Technical Report, titled “Berenguela Mineral Resource Estimate NI 43-101 Aftermath Silver Ltd., Province of Lampa, Department of Puno, Peru”, effective date of March 30, 2023 prepared by AMC Mining Consultants (Canada) Ltd (AMC). 

Conversion of Inferred resources to M&I resulted in a decrease of 7.96 million tonnes in the Inferred resources inventory. The MRE is based on a geological model incorporating data from 439 drill holes, including 82 diamond drill holes (5,329 m) drilled by Aftermath in 2024/25. Total drilling consists of 44,842m composed of 20,346m of diamond drilling and 24,496m of RC drilling.

Mineral Resource Estimate

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

Notes:

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is November 31, 2025.
• The Qualified Person is Dinara Nussipakynova, P.Geo., of BBA International Inc.
• Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 2.
• No dilution or mining recovery applied.
• The NSR cut-off value of USD137.40 is based on the following:
  1. Long-term metal prices for Ag $29.73/Oz, for HPMSM $2592/t, for Cu $4.34/Lb, Zn $1.21/Lb
  2. Metallurgical recoveries are 94% for Ag, 85% for Mn, 90% for Cu, and 85% for Zn
  3.  Payability for Ag is 99.8%, for Mn 100%, for Cu 96.75%, for Zn 85%
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m3 for mineralized material and 2.14 tonnes/m3 for waste.
• Drilling results up to 28 February 2025.
• 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 historically mined out material.
• The relative value in the Mineral Resource by metal is approximately as follows: Ag -13 % Cu -11 %, Mn-75 %, Zn-1 %.

Source: BBA 2025

The Mineral Resource estimate has been reported within conceptual open-pit mining constraints and is presented in Table 1. Mineral Resources are stated at a cut‐off grade of $137.40 NSR, determined based on economic assumptions provided below. The approximate relative value in the Mineral Resource by metal is as follows: Ag - 13%, Mn - 75%, Cu - 11%, Zn - 2%. The primary economic driver of the project is the high-purity manganese sulphate monohydrate (HPMSM) content. The NSR cut-off value of $137.40 corresponds to an Mn equivalent of 2.19% or an Ag equivalent cut-off of 157.56 g/t.  The model is depleted for historical mining activities. The assumptions for the open pit optimization exercise to constrain the Mineral Resource and confirm reasonable prospects for eventual economic extraction are shown in Table 2.

Table 2. Assumptions for pit optimization

Source: BBA, (2025).

Further details supporting the geological model, estimation procedure, sampling and metallurgical testwork will be available in a NI 43-101 technical report. The Technical Report will be posted under the Company’s profile at www.sedar.com, the report is well advanced and is expected to be filed on SEDAR within 45 days.

Mineral Resource Estimate Details

The Mineral Resource estimate is based on a geological model incorporating data from 439 drillholes including data collected by Aftermath and some from previous drilling previous operators of the project. Twentynine RC holes totalling 3,020m were excluded from the database as they were twinned (replaced) in the 2021-2 diamond drill program. Lithological wireframes were constructed by Rockridge Partnership & Associates (Rockridge) using LeapFrog© software and were used to constrain the interpolation. The five domains were reviewed by the independent Qualified Person (“QP”) and were accepted for estimation purposes after minor modification.

Rockridge completed an ordinary kriging estimate for the four metals with economic significance: silver, manganese, copper and zinc. Prior to estimation, drillhole data were composited to an average length of 1.0 m. Capping was evaluated for all variables within each domain and carried out where required. No estimation was carried out outside of the domains. For all domains the parent block size was 10 mE x 10 mN x 5 mRL with sub‐blocking employed. Sub‐blocking resulted in minimum cell dimensions of 2.5 mE x 2.5 mN x 0.05 mRL.

Bulk density was based on 1,083 measurements from all drilling campaigns (574 measurements during the 2024-25 campaign, 509 measurements from the 2021-22 campaign) and was estimated in the block model.  The values in the model averaged 2.30 tonnes/m3 for mineralized material and 2.14 tonnes/m3 for waste.

Mineral Resource classification was completed by the QP using an assessment of geological and mineralization continuity, data quality and data density. Estimation passes were used as an initial guide for classification. Wireframes were then generated manually to build coherent volumes for the different classes. The block model was classified as Measured, Indicated, and Inferred Mineral Resources as appropriate.

The QP has not identified any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

Quality Assurance and Quality Control and Date Verification

Aftermath instigated a robust industry standard quality assurance/quality control (“QA/QC”) program. The database for resource estimation consists of historic data as well as data collected by Aftermath. The previous drilling, carried out predominantly by SSR Mining, was validated by twin and replicate holes, and check assays of coarse rejects and sample assay pulps.

Aftermath completed a QA/QC program for their core drilling, covering the period 28th of August 2024 to the 28th of February 2025. In the QA/QC program certified reference materials (“CRMs”}, blanks, and duplicate samples were monitored for Ag, Mn, Cu, and Zn; insertion rates were generally between 5% and 10%.

The QP, Dinara Nussipakynova, P.Geo. considers sample preparation, analytical, and security protocols employed by Aftermath Silver to be acceptable. The QP has reviewed the QA/QC procedures used by Aftermath Silver, including the use of certified reference materials, blank, duplicate, and umpire data, and considers the assay database to be adequate for Mineral Resource estimation.

The QP also carried out data verification both on site and on the database. This included a review of the assay database and collar locations. The QP considers the assay database to be acceptable for Mineral R