Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) has begun a pre-feasibility study (PFS) for its Berenguela silver-copper-manganese project in southern Peru.
The move follows the completion of a C$20 million equity financing and an 82-hole infill drilling program carried out in 2025, which intersected mineralization in 95% of the holes. An updated mineral resource estimate released in December materially improved confidence in the project’s geological model and confirmed robust silver and copper mineralization across key zones.
The PFS will build on the strengthened resource base and refined geological understanding, representing the next major milestone in advancing Berenguela along its development pathway, the company said.
CEO Ralph Rushton said the company is entering a “transformational phase” backed by a strong balance sheet and a high-confidence resource.
“The results of our infill drilling and updated resource have provided the technical foundation to advance Berenguela to a pre-feasibility study, an important milestone for the company,” Rushton said in a statement.
Aftermath said it will announce the appointment of engineering consultancies for the study in the coming week following a detailed review process.
In parallel with the PFS work, the company plans to drill key exploration targets at Berenguela and at its Challacollo silver project in Chile as it seeks to maintain exploration momentum across its portfolio.