# 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 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd Original source: https://money.tmx.com/en/quote/AAG/news/5745839897204393/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in- Publisher: tmx Original announcement: 2025-12-04T17:53:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: Grades Maintained - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Facts used in scoring: 16 ## Classification and evidence **Measured Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-0) Berenguela · silver #### 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 factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 101 Context: 8.49 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-1) Berenguela · manganese #### 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 factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 8.97 Context: 8.49 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-2) Berenguela · copper #### 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 factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.89 Context: 8.49 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-3) Berenguela · zinc #### 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 factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.32 Context: 8.49 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-4) Berenguela · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 68.5 Context: 43.06 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-5) Berenguela · manganese #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 5.04 Context: 43.06 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-6) Berenguela · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.58 Context: 43.06 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-7) Berenguela · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.33 Context: 43.06 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-8) Berenguela · silver #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 73.9 Context: 51.55 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-9) Berenguela · manganese #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 5.69 Context: 51.55 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-10) Berenguela · copper #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.63 Context: 51.55 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-11) Berenguela · zinc #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.33 Context: 51.55 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-12) Berenguela · silver #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 47.6 Context: 14.33 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-13) Berenguela · manganese #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 3.28 Context: 14.33 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-14) Berenguela · copper #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 0.37 Context: 14.33 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-berenguela-silver-copper-manganese-project-contained-silver-in--48b8270a-e9d3-4e9f-a6f8-6b8beebd45dd#fact-resource-facts-15) Berenguela · zinc #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: 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.