Aftermath Silver Ltd.
Despite its name, manganese is Aftermath Silver's leading metal by value. Its 100%-owned Berenguela silver-copper-manganese project in the Altiplano of Puno, southeastern Peru, holds a measured and indicated resource of 51.55 Mt at 73.9 g/t silver, 5.69% manganese, 0.63% copper and 0.33% zinc, containing 122.5 Moz of silver, 2.93 Mt of manganese, 717.1 Mlb of copper and 372.4 Mlb of zinc (estimate effective 30 November 2025). The estimate values manganese as high-purity manganese sulphate for batteries and puts it at about 75% of the resource's value, with silver at 13% and copper at 11%. A pre-feasibility study led by DRA Global began in February 2026 and is due in early 2027. The company also holds the Challacollo silver-gold project in Chile, with an indicated resource of 35.15 Moz of silver and 58,000 oz of gold, and the Cachinal silver-gold exploration project.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
- Trading within 0% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Jurisdiction (40%)6/10
Peru is an established Latin American mining jurisdiction with a mature regulatory framework, but carries moderate permitting, community-relations, and political-continuity risk relative to Canada/US/Australia.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Berenguela Project, Puno, Peru (checked Sep 30, 2026; recheck due Mar 29, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Antapaccay (Glencore plc), 118 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.7/10
Nearest producing mine: Antapaccay (Glencore plc), 118 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Peru: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Aftermath Silver Ltd. Holds a BSc in geology (Portsmouth University, UK), an MSc in economic geology (University of Alberta, Canada) and a certificate in business communications from Simon Fraser University. Has significant exploration and mining experience in a number of geological settings and terrains working for Anglo American PLC and Rio Tinto, and since 2016 has worked in business development and marketing for a number of junior resource companies. A director of four TSX.V companies and an adviser to two other exploration companies, he has helped to raise over $400 million through equity financings to finance exploration and development programs in Latin America, Scandinavia and Eastern Europe.
Technical Director of Aftermath Silver Ltd. (B.Sc.) A geologist by training, fluent in English, Spanish and French, with extensive experience in exploration and project development, overseeing projects from discovery through construction to production. In 22 years with First Quantum Minerals he held progressively senior Country Manager positions and was instrumental in two major copper discoveries, the Lonshi and Frontier mines; as Country Manager in the Democratic Republic of Congo he oversaw up to 3,000 staff with two operating copper mines and a mine construction project. Between 2011 and 2017 he was country manager for First Quantum in Peru, responsible for the design and implementation of the company's corporate strategy in Latin America including Argentina and Chile, overseeing community relations programs, sustainability processes and all government relations and communications throughout Latin America. Currently runs his own consultancy company, Mining Footprint Ltd.
Chief Financial Officer of Aftermath Silver Ltd.; also Chief Financial Officer of Midnight Sun Mining Corp. and Zacatecas Silver Corp. (CPA, BA) A Chartered Professional Accountant specializing in resource-focused accounting and finance. Holds a Bachelor of Business Administration degree with first class honours from Simon Fraser University.
Chief Operating Officer of Aftermath Silver Ltd. (B.Sc., CMA) Has held senior executive roles leading mining, processing and infrastructure projects across multiple jurisdictions. Most recently was responsible for the development of a High Purity Manganese project in Southern Africa, overseeing the construction of an EV battery demonstration plant and successfully securing strategic investors for the project. Brings extensive knowledge of the battery customer market and the evolving battery chemistry landscape, along with a track record of delivering technical studies essential for project financing.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eric Sprott is far and away the dominant shareholder, holding roughly 25% of Aftermath after a US$10M placement in November 2024 and adding a further 9,900,000 shares at C$0.90 (about C$8.9M) in the December 2025 financing. That is a large, repeated, self-funded bet by the best-known financier in the silver sector. Nothing else corroborates it: no producer or corporate on the register, and institutional ownership is only 8.2%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Aftermath Silver owns 100% of the Berenguela silver-copper-manganese project in the Altiplano of Puno, southeastern Peru, and the Challacollo and Cachinal silver-gold projects in Chile. Despite the company's name, manganese is its leading metal by value. Berenguela's resource, effective 30 November 2025, is 51.55 Mt measured and indicated at 73.9 g/t silver, 5.69% manganese, 0.63% copper and 0.33% zinc, containing 2,930,000 t of manganese, 122.5 Moz of silver, 717.1 Mlb of copper and 372.4 Mlb of zinc, plus 14.33 Mt inferred. At the estimate's prices, which value manganese as high-purity manganese sulphate monohydrate at US$2,592/t alongside US$29.73/oz silver and US$4.34/lb copper, the estimate puts manganese at about 75% of the resource's value, silver at 13% and copper at 11%. Challacollo's 2020 resource adds 35.15 Moz of silver and 58,000 oz of gold indicated. A pre-feasibility study for Berenguela, led by DRA Global, began in February 2026 and was reported on schedule and on budget in August 2026, with publication expected in early 2027; no study economics have been released yet.