Aftermath Silver Files Technical Report
Original announcement by tmx on
- Company
- Aftermath Silver Ltd.
- Ticker
- AAG
- Exchange
- TSX
- Region
- Peru
- Primary commodity
- Manganese
- Secondary commodities
- Silver, Copper, Zinc
- Document categories
- Resource update
- Extracted
- 2026-08-24 07:25:36 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aftermath Silver has filed a new NI 43-101 compliant technical report for its Berenguela silver-copper-manganese project in Peru, featuring an updated Mineral Resource Estimate with an effective date of November 30, 2025. The report includes recommendations for further metallurgical and engineering work, with the objective of completing a preliminary feasibility study during 2026. The company plans to initiate advanced engineering work focused on commercializing recovery flowsheets for silver, copper, zinc, and potential manganese products.
Reasoning: The company has filed a new NI 43-101 compliant technical report for its Berenguela project, presenting an updated Mineral Resource Estimate with a high Measured and Indicated component, and outlining plans for a preliminary feasibility study, indicating significant progress towards development.
Positive factors
- new_mre
- ni_43_101_compliant
- qp_signed
- pfs_planned
- high_mi_percentage
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 12
Classification and evidence
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 Berenguela Technical Report was completed by BBA International (Canada) Inc. and the Qualified Persons are D. Nussipakynova, P. Geo. (BC & ON), D. Evangelista, P.Eng. (BC), and B. Arthur, PE (SME-Registered Member).
Evidence · text
“The Qualified Persons for the Berenguela Technical Report are D. Nussipakynova, P. Geo. (BC & ON), D. Evangelista, P.Eng. (BC), and B. Arthur, PE (SME-Registered Member).”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The technical report is titled "NI 43-101 Technical Report, Mineral Resource Estimate for the Berenguela Project Province of Lampa, Department of Puno, Peru", and is filed in accordance with National Instrument 43‐101 ("NI 43‐101").
Evidence · text
“The Berenguela Technical Report, titled "NI 43-101 Technical Report, Mineral Resource Estimate for the Berenguela Project Province of Lampa, Department of Puno, Peru", is filed in accordance with National Instrument 43‐101 ("NI 43‐101")”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The Mineral Resource is stated at a cut‐off grade of $137.40 NSR, determined based on economic assumptions provided in Table 2.
Evidence · text
“Mineral Resources are stated at a cut‐off grade of $137.40 NSR, determined based on economic assumptions provided below.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents a new Mineral Resource Estimate for the Berenguela Silver-Copper- Manganese Project, following a current NI 43-101 mineral resource estimate published on December 4, 2025.
Evidence · text
“The Report presents a new Mineral Resource Estimate for the Berenguela Silver-Copper- Manganese Project”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The report includes recommendations for further metallurgical and engineering work with the objective of completing a preliminary feasibility study during 2026.
Evidence · text
“recommendations for further metallurgical and engineering work with the objective of completing a preliminary feasibility study during 2026.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a Measured category of 8.49 Mt.
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 resource estimate includes an Indicated category of 43.06 Mt.
Evidence · table
“Indicated”
Context: 43.06
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes an Inferred category of 14.33 Mt.
Evidence · table
“Inferred”
Context: 14.33
Extracted facts
Stored fact records: 12. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
measuredBerenguela · silverTonnes: 8490000Grade: 101Grade Unit: g/tContained Metal: 27.7Contained Unit: MozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 101
- Grade Unit
- g/t
- Contained Metal
- 27.7
- Contained Unit
- Moz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Measured resource with strong silver grade but contained metal is below the weak threshold for silver.
Positive factors
- measured_resource
- strong_grade
Negative factors
- contained_metal_below_weak_threshold
Evidence · table
“101”
Context: 8.49
measuredBerenguela · manganeseTonnes: 8490000Grade: 8.97Grade Unit: %Contained Metal: 0.76Contained Unit: MtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 8.97
- Grade Unit
- %
- Contained Metal
- 0.76
- Contained Unit
- Mt
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Measured resource with exceptional manganese grade but contained metal is below the weak threshold for manganese.
Positive factors
- measured_resource
- exceptional_grade
Negative factors
- contained_metal_below_weak_threshold
Evidence · table
“8.97”
Context: 8.49
measuredBerenguela · copperTonnes: 8490000Grade: 0.89Grade Unit: %Contained Metal: 75704Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.89
- Grade Unit
- %
- Contained Metal
- 75704
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Measured resource with strong copper grade but contained metal is significantly below the weak threshold for copper.
Positive factors
- measured_resource
- strong_grade
Negative factors
- contained_metal_below_weak_threshold
Evidence · table
“0.89”
Context: 8.49
measuredBerenguela · zincTonnes: 8490000Grade: 0.32Grade Unit: %Contained Metal: 27215Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 27215
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Measured resource with very low zinc grade and contained metal, significantly below the weak threshold for zinc.
Positive factors
- measured_resource
Negative factors
- grade_below_weak_threshold
- contained_metal_below_weak_threshold
Evidence · table
“0.32”
Context: 8.49
indicatedBerenguela · silverTonnes: 43060000Grade: 68.5Grade Unit: g/tContained Metal: 94.9Contained Unit: MozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 68.5
- Grade Unit
- g/t
- Contained Metal
- 94.9
- Contained Unit
- Moz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Indicated resource with moderate silver grade but contained metal is below the strong threshold for silver.
Positive factors
- indicated_resource
- moderate_grade
Negative factors
- contained_metal_below_strong_threshold
Evidence · table
“68.5”
Context: 43.06
indicatedBerenguela · manganeseTonnes: 43060000Grade: 5.04Grade Unit: %Contained Metal: 2.17Contained Unit: MtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 5.04
- Grade Unit
- %
- Contained Metal
- 2.17
- Contained Unit
- Mt
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Indicated resource with strong manganese grade and contained metal.
Positive factors
- indicated_resource
- strong_grade
- strong_contained_metal
Evidence · table
“5.04”
Context: 43.06
indicatedBerenguela · copperTonnes: 43060000Grade: 0.58Grade Unit: %Contained Metal: 249566Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.58
- Grade Unit
- %
- Contained Metal
- 249566
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Indicated resource with strong copper grade but contained metal is below the moderate threshold for copper.
Positive factors
- indicated_resource
- strong_grade
Negative factors
- contained_metal_below_moderate_threshold
Evidence · table
“0.58”
Context: 43.06
indicatedBerenguela · zincTonnes: 43060000Grade: 0.33Grade Unit: %Contained Metal: 141748Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 141748
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Indicated resource with very low zinc grade and contained metal, significantly below the weak threshold for zinc.
Positive factors
- indicated_resource
Negative factors
- grade_below_weak_threshold
- contained_metal_below_weak_threshold
Evidence · table
“0.33”
Context: 43.06
inferredBerenguela · silverTonnes: 14330000Grade: 47.6Grade Unit: g/tContained Metal: 22Contained Unit: MozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 47.6
- Grade Unit
- g/t
- Contained Metal
- 22
- Contained Unit
- Moz
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Inferred resource with weak silver grade and contained metal significantly below the weak threshold for silver.
Negative factors
- inferred_resource
- weak_grade
- contained_metal_below_weak_threshold
Evidence · table
“47.6”
Context: 14.33
inferredBerenguela · manganeseTonnes: 14330000Grade: 3.28Grade Unit: %Contained Metal: 0.47Contained Unit: MtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 3.28
- Grade Unit
- %
- Contained Metal
- 0.47
- Contained Unit
- Mt
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Inferred resource with moderate manganese grade but contained metal significantly below the weak threshold for manganese.
Positive factors
- moderate_grade
Negative factors
- inferred_resource
- contained_metal_below_weak_threshold
Evidence · table
“3.28”
Context: 14.33
inferredBerenguela · copperTonnes: 14330000Grade: 0.37Grade Unit: %Contained Metal: 53706Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.37
- Grade Unit
- %
- Contained Metal
- 53706
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Inferred resource with weak copper grade and contained metal significantly below the weak threshold for copper.
Positive factors
- weak_grade
Negative factors
- inferred_resource
- contained_metal_below_weak_threshold
Evidence · table
“0.37”
Context: 14.33
inferredBerenguela · zincTonnes: 14330000Grade: 0.25Grade Unit: %Contained Metal: 36287Contained Unit: tView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- AAG
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.25
- Grade Unit
- %
- Contained Metal
- 36287
- Contained Unit
- t
- Cutoff Grade
- 137.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: Inferred resource with very low zinc grade and contained metal, significantly below the weak threshold for zinc.
Negative factors
- inferred_resource
- grade_below_weak_threshold
- contained_metal_below_weak_threshold
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.