Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF) announced that it has completed the final payment to acquire the Berenguela silver-copper-manganese project in Peru, ahead of the original November 2026 deadline.
As part of the arrangement, EMX Royalty Corporation reduced the final payment by US$100,000 to US$1.55 million in exchange for early settlement.
SSR Mining waived Aftermath’s obligation to complete and file a prefeasibility study by November 23 as outlined in the amended acquisition agreement.
With this payment, Aftermath has fulfilled all obligations under the agreement and is moving forward with the transfer of ownership, the company said.
Aftermath plans to begin a comprehensive pre-feasibility study for Berenguela, considering the potential production of silver, copper, and manganese.
"Making this final payment allows us to secure 100% ownership of the Berenguela silver-copper-manganese project for Aftermath but more importantly puts us in the driver seat of a what has become a very important critical metals project,” Aftermath CEO Ralph Rushton said in a statement.
“We are initiating a comprehensive pre-feasibility study for Berenguela contemplating production of silver, copper and manganese."
Under the acquisition agreement, Aftermath completed payments totaling US$13 million, alongside other considerations, to acquire full ownership of the project.
EMX’s interest in Berenguela arose from its previous acquisition of a portfolio of royalty interests and payments from SSR and its subsidiaries.
The Berenguela deposit contains measured and indicated mineral resources of 40.18 million tons, with an average grade of 78 grams per ton (g/t) silver, 6.1% copper, and 0.67% manganese, as of January 2023. Inferred resources add another 22.29 million tons, grading 54 g/t silver, 3.57% copper, and 0.42% manganese.
The resource estimate is based on an optimized pit shell and has not been demonstrated to be economically viable.
Shares of Aftermath advanced 3% on the news to reach C$0.68 in Toronto.