Slide 1: December 2025 Update
December 2025 Update Silver-Copper-Manganese “The Future Is Now” TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1
Slide 2: Important Information
Important Information Cautionary Statement on Forward Looking Information Cautionary Note About Mineral Resources This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, This presentation uses the
Slide 3: Important Information
Important Information The securities of the Company have not and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements
Slide 4: Introduction to Aftermath Silver
Introduction to Aftermath Silver Aftermath is a publicly traded developer Flagship project is the Berenguela of critical metal projects in Latin Silver-Copper-Manganese Project in America Peru Tier-1 silver project in one of the Critical energy transition mineral world’s top mining jurisdictions exp
Slide 5: Three Development Stage Assets in Peru & Chile
Three Development Stage Assets in Peru & Chile Carbonate Replacement | Ag-Cu-Mn • A silver-copper-manganese project located in the Altiplano of south-eastern Peru in the Department of Puno • Elevation of 4,200m, approximately 50km southwest of the city of Juliaca and BERENGUELA 6km northeast of the
Slide 6: Aggregate Silver Inventory
Aggregate Silver Inventory Berenguela 122.5 M Oz (Pit Shell) Measured & Indicated. 22M Oz Inferred Challacollo 35 M Oz Indicated 11 M Oz Inferred Cachinal 16 M Oz Indicated See https://aftermathsilver.com/projects/cachinal/overview/ 2.5 M Oz Inferred 173.5 M Oz Silver M & I 35.5 M Oz Silver Inferred
Slide 7: Share Price Performance and Market Statistics
Share Price Performance and Market Statistics 24 Month Share Price Performance Financial Performance Capitalization 500 Price (December 12, 2025) C$0.97 Shares Outstanding 314,952,207 400 52 Week High C$1.09 Warrants 22,106,491 52 Week Low C$0.38 Options 10,074,800 300 Market Cap C$300m RSUs 2,466,6
Slide 8: Key People
Key People Michael Williams Ralph Rushton Michael Parker Victor Grande Exec. Chairman & Director President, CEO & Director COO & Director VP Sustainability & Community Relations • Extensive experience in • Geologist with extensive mining • 25 years as geologist with capital markets equity and and ex
Slide 9: Management Team
Management Team Alastair Brownlow Danny Keating Justin Taylor Mike Murphy Chief Financial Officer Strategic Advisor • CFO experience with TSXV- • Former CEO and board • Highly experienced Process Design • Executive with 15 years in business listed exploration and executive in mining and Engineer in
Slide 10: Last 12 Months
Last 12 Months Share price Increase – 233% Market capitalization 82 Diamond drill Additional high-grade silver, Including 156m step out ($0.40 - $0.93) increase – 330% program completed copper and manganese from surface, 290 g/t Ag, ($84M-$281M) drill results 1.12% Cu and 7.3% Mn Achieved EV grade M
Slide 11: Berenguela – Manganese Demand
Berenguela – Manganese Demand THE FUTURE DEMAND FOR BATTERY MINERALS A battery’s chemical composition changes depending on the technology, however, all the Battery minerals are crucial for the global clean materials here are considered energy transition, as they enable both cost- critical for electr
Slide 12: Manganese Global Supply and Demand Dynamics
Manganese Global Supply and Demand Dynamics China dominates current supply of HPMSM – forecast production likely struggle – provides unique opportunity for Berenguela China Dominates Supply USA has Zero Production § 90 – 95% of HPMSM production is currently from China with § Currently zero HPMSM pro
Slide 13: Manganese Global Supply and Demand Dynamics
Manganese Global Supply and Demand Dynamics China dominates current supply of HPMSM – forecast production likely struggle – provides unique opportunity for Berenguela China Dominates Supply USA has Zero Production § 90 – 95% of HPMSM production is currently from China with § Currently zero HPMSM pro
Slide 14: Berenguela – Peru
Berenguela – Peru Large Ag, Cu & Mn oxide CRD Deposit Strategic importance for EV Applications Initial metallurgy demonstrates battery Deposit begins at surface – open grade manganese sulphate (99.9%) pit potential Rail, power, road and labour within 6km Skarn and porphyry potential TSX.V: AAG | OTC
Slide 15: Berenguela Location and Infrastructure
Berenguela Location and Infrastructure World class existing infrastructure available for project development and operation Berenguela Location Location MATARANI PORT § Berenguela is located at the Altiplano of south- eastern Peru in the Department of Puno § The project has an elevation of 4,200m, ap
Slide 16: Berenguela – Key Critical Minerals Project
Berenguela –Key Critical Minerals Project TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1 www.aftermathsilver.com 16
Slide 17: Berenguela – 2025 Mineral Resource Estimate
Acitvity Parameter Unit Value Berenguela – 2025 Mineral Resource Estimate Costs Mining $/T 2.4 Process $/T 135 G&A $/T 2.4 Cutt-ff value (Process & G&A) $/T 137.4 Tonnes HPMSM $/T 2,592 Classification Ag (g/t) Mn (%) Cu (%) Zn (%) Ag (Moz) Mn Mt Cu Mlb Zn Mlb Commodity Prices (Mt) Silver $/oz 29.73 C
Slide 18: Berenguela Deposit and Mineralization
Berenguela Deposit and Mineralization Berenguela Cross Section Berenguela Mineralization § Berenguela is a carbonate-replacement deposit (CRD) hosted in dolomite § Silver and Copper (green) mineralization is hosted within a manganese oxide § Manganese enrichment shown in blue and red matrix (black)
Slide 19: Berenguela — Drill Targets
Berenguela — Drill Targets Aftermath istiver. Aftermath Silver Ltd- 145 Diamond Drill Holes 11,500m Follow up high grade eastern drill interceptions Drill test skarn target TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1 www.aftermathsilver.com 19
Slide 20: Berenguela: Simplified Flow Sheet
Berenguela: Simplified Flow Sheet Berenguela Battery Grade HPMSM 99% Battery Grade HPMSM H2SO4 Mn Oxide Ore Sulphate Solution Extraction of Ag, Cu+ Impurities Silver dore via merrill crowe circuit Copper cathode via electrolysis Zinc sulphide precipitation removal of impurities TSX.V: AAG | OTCQX: AA
Slide 21: Berenguela Exploration Targets
Berenguela Exploration Targets SW Intrusive Target (Refugio) § Mag survey indicates magnetite in buried intrusives § 1.1km (2 zones) coincident copper soil rock geochemistry § Active magnetite mine to the northwest § Potential bulk-tonnage intrusive or skarn (limestone) hosted Cu target § Cu, Ag, an
Slide 22: Challacollo: Large Epithermal Silver Target
Challacollo: Large Epithermal Silver Target Epithermal AG-Au Vein System § Conceptual open pit project § Open down dip and along strike § NI43-101 mineral resource estimate § Grid power 12km north and 30km south § 12l/s water extraction rights § 30km off the Panamerican Highway § Aftermath first pha
Slide 23: Challacollo: Mineral Resource Estimate
Challacollo: Mineral resource Estimate Notes on the Challacollo Mineral Resource Estimate Classification Material type Tonnes (K/t) Silver (g/t) Gold (g/t) Silver (Koz) Gold (Koz) • CIM Definition Standards (2014) were used for reporting the Mineral Resources. • The effective date of the estimate is
Slide 24: Aftermath Silver: The Next 12 Months
Aftermath Silver: The Next 12 Months Expand Engineering Team Updated NI 43 101 Drill test Berenguela resource copper targets Additional metallurgical results Expand Analyst Coverage Pre-feasibility study Drill Challacollo silver deposit, Chile TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1 www.aftermathsilve
Slide 25: Aftermath Silver: Key Points
Aftermath Silver: Key Points Substantial Silver Potential to be Large NI 43 101 Mineral Resource Development Resource Manganese Producer for EV Update Batteries Pre-feasibility Significant Exploration Potential Incentives to 2026 Targets Process Manganese in USA TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1
Slide 26: TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1
TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1 Michael Williams Ralph Rushton Executive Chairman President, CEO & Director M. +1 604 760 5445 M. +1 604 307 0055 mw@aftermathsilver.com ralphr@aftermathsilver.com TSX.V: AAG | OTCQX: AAGFF | FRA: FLM1 www.aftermathsilver.com 26