Aftermath Silver Berenguela Silver-Copper-Manganese Project: Contained Silver in Measured and Indicated Resources Increases by 21% to 122.5 Moz, with 22.0 Moz of Silver in Inferred Resources
Original announcement by tmx on
- Company
- Aftermath Silver Ltd.
- Ticker
- AAG
- Exchange
- TSX
- Region
- Puno in southern Peru
- Primary commodity
- Manganese
- Secondary commodities
- Silver, Copper, Zinc
- Document categories
- Resource update
- Extracted
- 2026-08-24 07:40:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aftermath Silver announced an updated Mineral Resource Estimate for its Berenguela project, reporting a 28.3% increase in Measured and Indicated (M&I) tonnage to 51.55 million tonnes. Contained silver in M&I resources grew by 21% to 122.5 Moz, with grades for key metals remaining consistent. The estimate, compliant with NI 43-101, reflects successful conversion of Inferred resources to higher confidence categories through recent infill drilling.
Reasoning: The updated Mineral Resource Estimate shows a significant 28.3% increase in Measured and Indicated (M&I) tonnage and a 21% increase in contained silver, with grades for silver, copper, and manganese holding up well. This indicates successful de-risking and expansion of the resource, supported by NI 43-101 compliance and QP sign-off.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- Grades Maintained
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Facts used in scoring: 16
Classification and evidence
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The MRE includes 8.49 Mt of Measured resources, representing the highest confidence category.
Evidence · table
“Measured”
Context: 8.49
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The MRE includes 43.06 Mt of Indicated resources, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 43.06
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Recent infill drilling successfully converted a significant tonnage from the Inferred category to Measured and Indicated (M&I).
Evidence · text
“The recent infill drilling converted a significant tonnage from the Inferred category to Measured and Indicated (M&I).”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Combined M&I resources increased by 11.37 million tonnes or 28.3% to 51.55 million tonnes compared to the previous estimate.
Evidence · text
“Combined M&I resources increased by 11.37 million tonnes or 28.3% to 51.55 million tonnes.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained silver in M&I resources increased by 21.3 Moz (21%) to 122.5 Moz, and other metals also showed increases.
Evidence · text
“Silver increased by 21.3 Moz (21%) to 122.5 Moz M&I”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The MRE and QA/QC review were completed by Ms Dinara Nussipakynova, P.Geo., Principal Geologist with BBA, who is the QP for NI 43-101.
Evidence · text
“The Qualified Person is Dinara Nussipakynova, P.Geo., of BBA International Inc.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is reported in accordance with National Instrument 43‐101.
Evidence · text
“The MRE is reported in accordance with National Instrument 43‐101”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The NSR cut-off value of USD137.40 is clearly stated, along with the underlying economic assumptions.
Evidence · text
“The NSR cut-off value of USD137.40 is based on the following:”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes 14.33 Mt of Inferred resources, which is a speculative category with lower confidence.
Evidence · table
“Inferred”
Context: 14.33
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The announcement provides a new Mineral Resource Estimate for the Berenguela project, updating previous estimates.
Evidence · text
“Aftermath Silver Berenguela Silver-Copper-Manganese Project: Contained Silver in Measured and Indicated Resources Increases by 21% to 122.5 Moz, with 22.0 Moz of Silver in Inferred Resources”
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (16)
measuredBerenguela · silverTonnes: 8490000Grade: 101Grade Unit: g/tContained Metal: 27700000Contained Unit: ozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 101
- Grade Unit
- g/t
- Contained Metal
- 27700000
- Contained Unit
- oz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: High-confidence Measured resource for silver with a strong grade, contributing to the overall positive MRE update.
Positive factors
- Measured Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“101”
Context: 8.49
measuredBerenguela · manganeseTonnes: 8490000Grade: 8.97Grade Unit: %Contained Metal: 760000Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 8.97
- Grade Unit
- %
- Contained Metal
- 760000
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: High-confidence Measured resource for manganese, which is the primary economic driver, with a strong grade.
Positive factors
- Measured Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“8.97”
Context: 8.49
measuredBerenguela · copperTonnes: 8490000Grade: 0.89Grade Unit: %Contained Metal: 166900000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.89
- Grade Unit
- %
- Contained Metal
- 166900000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: High-confidence Measured resource for copper, contributing to the polymetallic nature of the deposit.
Positive factors
- Measured Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.89”
Context: 8.49
measuredBerenguela · zincTonnes: 8490000Grade: 0.32Grade Unit: %Contained Metal: 60000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 60000000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: High-confidence Measured resource for zinc, adding to the polymetallic value of the project.
Positive factors
- Measured Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.32”
Context: 8.49
indicatedBerenguela · silverTonnes: 43060000Grade: 68.5Grade Unit: g/tContained Metal: 94900000Contained Unit: ozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 68.5
- Grade Unit
- g/t
- Contained Metal
- 94900000
- Contained Unit
- oz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Significant Indicated resource for silver with a good grade, contributing to the overall M&I growth.
Positive factors
- Indicated Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“68.5”
Context: 43.06
indicatedBerenguela · manganeseTonnes: 43060000Grade: 5.04Grade Unit: %Contained Metal: 2170000Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 5.04
- Grade Unit
- %
- Contained Metal
- 2170000
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Significant Indicated resource for manganese, the primary economic driver, with a good grade.
Positive factors
- Indicated Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“5.04”
Context: 43.06
indicatedBerenguela · copperTonnes: 43060000Grade: 0.58Grade Unit: %Contained Metal: 550200000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.58
- Grade Unit
- %
- Contained Metal
- 550200000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Significant Indicated resource for copper, adding to the overall polymetallic value.
Positive factors
- Indicated Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.58”
Context: 43.06
indicatedBerenguela · zincTonnes: 43060000Grade: 0.33Grade Unit: %Contained Metal: 312500000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 312500000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Significant Indicated resource for zinc, contributing to the polymetallic nature of the deposit.
Positive factors
- Indicated Resource
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.33”
Context: 43.06
indicatedBerenguela · silverTonnes: 51550000Grade: 73.9Grade Unit: g/tContained Metal: 122500000Contained Unit: ozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 73.9
- Grade Unit
- g/t
- Contained Metal
- 122500000
- Contained Unit
- oz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Combined Measured and Indicated silver resource shows significant growth in contained metal (21%) and tonnage (28.3%), indicating successful resource de-risking and expansion.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“73.9”
Context: 51.55
indicatedBerenguela · manganeseTonnes: 51550000Grade: 5.69Grade Unit: %Contained Metal: 2930000Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 5.69
- Grade Unit
- %
- Contained Metal
- 2930000
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Combined Measured and Indicated manganese resource shows significant growth in contained metal and tonnage, reinforcing its role as the primary economic driver.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“5.69”
Context: 51.55
indicatedBerenguela · copperTonnes: 51550000Grade: 0.63Grade Unit: %Contained Metal: 717100000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 0.63
- Grade Unit
- %
- Contained Metal
- 717100000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Combined Measured and Indicated copper resource shows significant growth in contained metal and tonnage, contributing to the project's overall value.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.63”
Context: 51.55
indicatedBerenguela · zincTonnes: 51550000Grade: 0.33Grade Unit: %Contained Metal: 372400000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 372400000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Combined Measured and Indicated zinc resource shows significant growth in contained metal and tonnage, enhancing the polymetallic nature of the project.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Evidence · table
“0.33”
Context: 51.55
inferredBerenguela · silverTonnes: 14330000Grade: 47.6Grade Unit: g/tContained Metal: 22000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 47.6
- Grade Unit
- g/t
- Contained Metal
- 22000000
- Contained Unit
- oz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Inferred silver resource provides future exploration potential, though it represents a lower confidence category.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“47.6”
Context: 14.33
inferredBerenguela · manganeseTonnes: 14330000Grade: 3.28Grade Unit: %Contained Metal: 470000Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 3.28
- Grade Unit
- %
- Contained Metal
- 470000
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Inferred manganese resource provides future exploration potential, though it represents a lower confidence category.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“3.28”
Context: 14.33
inferredBerenguela · copperTonnes: 14330000Grade: 0.37Grade Unit: %Contained Metal: 118400000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.37
- Grade Unit
- %
- Contained Metal
- 118400000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Inferred copper resource provides future exploration potential, though it represents a lower confidence category.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“0.37”
Context: 14.33
inferredBerenguela · zincTonnes: 14330000Grade: 0.25Grade Unit: %Contained Metal: 80000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Puno in southern Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.25
- Grade Unit
- %
- Contained Metal
- 80000000
- Contained Unit
- lb
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-04T00:00:00.000Z
Reasoning: Inferred zinc resource provides future exploration potential, though it represents a lower confidence category.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“0.25”
Context: 14.33
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.