Aftermath Silver Ltd.
TSXV:AAG · Silver · Peru
Verdict Framework Breakdown
Management Skin-in-the-Game
3/5
Named to 2026 OTCQX Best 50, suggesting solid investor relations. Closed C$10M private placement with Eric Sprott (22.2M units at $0.45) — Sprott's participation is a meaningful quality signal. DRA Global appointed to lead PFS, indicating competent third-party engineering engagement. Management appears capable of advancing through PFS stage. No specific insider ownership percentages confirmed in available sources.
Project Geology Quality
4/5
Berenguela Silver-Cu-Mn (Peru) Dec 2025 NI 43-101 MRE: M&I 51.55 Mt containing 122.5 Moz Ag, 717.1 Mlb Cu, 2.93 Mt Mn (28.3% increase in M&I tonnage). Inferred: 22.0 Moz Ag. Cut-off NSR USD $137.40. High-purity manganese sulphate monohydrate (HPMSM) identified as ~75% of resource value — a critical battery material providing economic diversification. 439 drill holes / 44,842m of data. Grade moderate for silver (~74 g/t Ag) but manganese and copper co-credits are significant economic drivers.
Capital Structure Health
3/5
268M shares outstanding (2025); diluted average ~305M (Q3 2025). Eric Sprott private placement: 22.2M units at $0.45, each with 0.5 warrant at $0.70 for 36 months (approx 11.1M warrants). Previous warrant exercises (13.2M warrants exercised since March 2025) shows active warrant conversion. Capital structure is manageable for the project stage, though further dilution expected for PFS and eventual feasibility work.
Catalyst Proximity
4/5
Pre-Feasibility Study launched February 2026 with DRA Global as lead — 12-month timeline targets Q1 2027 completion. Phase 3 diamond drill assay results released March 2026. PFS is the dominant 12-month catalyst. Potential for resource upgrade from ongoing drilling. Silver price tailwind (strong 2025-2026) adds near-term leverage. Peru permitting risk manageable given established community relations.
Comparable Acquisition Value
4/5
122.5 Moz M&I Ag equivalent makes this one of the larger undeveloped silver deposits in Latin America. Manganese-silver-copper poly-metallic profile enhances economic robustness. Sprott involvement at $0.45/unit (current price ~$0.60) implies near-term re-rating potential. Comparable silver developers with 100M+ oz M&I in Peru/Mexico have traded at $0.50-2.00/oz Ag in ground at various stages; at current price this appears undervalued if PFS delivers positive economics.
Analyst Summary
Aftermath Silver has one of the more compelling silver development stories in the junior sector, with a 122.5 Moz M&I silver resource at Berenguela (Peru) carrying significant manganese and copper co-credits. The December 2025 resource upgrade (28% increase in M&I tonnage), Eric Sprott's C$10M cornerstone, and the launch of a PFS with DRA Global all point to a well-managed advancement strategy. The 12-month PFS timeline is the key catalyst; positive PFS economics would likely drive meaningful re-rating. Maintain WATCH pending PFS results and Peru permitting clarity.
Resources & Reserves
Indicated
51.55 Mt total M&I containing 122.5 Moz Ag, 717.1 Mlb Cu, 2.93 Mt Mn @ NSR cut-off USD $137.40 — NI 43-101, Nov 2025
Inferred
22.0 Moz Ag — NI 43-101, Nov 2025
Share Structure
Issued & Outstanding
268,000,000
Fully Diluted
305,000,000
Warrants & Options
| Type | Count | Strike | Expiry |
|---|---|---|---|
| Warrant | 11,111,111 | C$0.70 | — |
| Approx 11.1M warrants at $0.70 for 36 months from Sprott C$10M PP (22.2M units at $0.45, each with 0.5 warrant) | |||
Company Details
- Exchange / Ticker
- TSXV:AAG
- Jurisdiction
- Peru
- Primary Commodity
- Silver
- Report Date
- May 3, 2026
- About
- Aftermath Silver Ltd. is a Canadian junior exploration and development company focused on silver and critical metals, with its flagship 100%-owned Berenguela Silver-Copper-Manganese project located in the Department of Puno, southern Peru. The company published a NI 43-101 mineral resource estimate for Berenguela in December 2025 and appointed DRA Global in early 2026 to lead a Preliminary Feasibility Study. Aftermath Silver is at the developer stage, advancing Berenguela through pre-feasibility while also holding the Challacollo and Cachinal silver-gold projects in Chile.
- Website
- https://aftermathsilver.com
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