Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) announced that it has filed a National Instrument 43-101 technical report that includes a new mineral resource estimate (MRE) for the Berenguela silver-copper-manganese project in the Department of Puno, southern Peru, along with recommendations for additional metallurgical and engineering work aimed at completing a preliminary feasibility study during 2026.
The company reported that it is advancing engineering work focused on commercializing processing flowsheets for silver, copper, and zinc recovery, as well as assessing potential manganese products, including battery-grade manganese sulphate (MnSO₄).
The new mineral resource estimate is based on conceptual open-pit mining constraints and a net smelter return (NSR) cut-off grade of US$137.40.
As of November 30, 2025, measured resources are estimated at 8.49 million tons grading 101 grams per ton silver, 8.97% manganese, 0.89% copper, and 0.32% zinc.
Indicated resources are estimated at 43.06 million tons grading 68.5 grams per ton silver, 5.04% manganese, 0.58% copper, and 0.33% zinc.
Combined measured and indicated resources total 51.55 million tons, with inferred resources estimated at 14.33 million tons.
Contained metal in the measured and indicated categories is estimated at 122.5 million ounces of silver, 2.93 million tons of manganese, 717.1 million pounds of copper, and 372.4 million pounds of zinc.
Inferred resources are estimated to contain 22 million ounces of silver, 0.47 million tons of manganese, 118.4 million pounds of copper, and 80 million pounds of zinc.
According to the report, the mineral resource model incorporates depletion from historical mining. The approximate relative value of the mineral resource by metal is estimated at 75% manganese, 13% silver, 11% copper, and 2% zinc.