# Aftermath Silver Files Technical Report

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af

Original source: https://money.tmx.com/en/quote/AAG/news/8180164270083682/aftermath-silver-files-technical-report

Publisher: tmx

Original announcement: 2026-01-16T20:32:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Aftermath Silver Ltd.

- Ticker: AAG

- Exchange: TSX

- Region: Peru

- Primary commodity: Manganese

- Secondary commodities: Silver, Copper, Zinc

- Document categories: Resource update

- Extracted: 2026-08-24 07:25:36 UTC

Narrative sentiment: 0.70 · Bullish

## Minestarters Atlas 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 factor: new\_mre

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: pfs\_planned

- Positive factor: high\_mi\_percentage

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 12

## Classification and evidence

**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 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 Compliant**

Polarity: positive

Definition: 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 Disclosed**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: negative

Definition: 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)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-0)

Berenguela · silver

#### 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 factor: measured\_resource

- Positive factor: strong\_grade

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 101

Context: 8.49

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-1)

Berenguela · manganese

#### 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 factor: measured\_resource

- Positive factor: exceptional\_grade

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 8.97

Context: 8.49

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-2)

Berenguela · copper

#### 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 factor: measured\_resource

- Positive factor: strong\_grade

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 0.89

Context: 8.49

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-3)

Berenguela · zinc

#### 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 factor: measured\_resource

- Negative factor: grade\_below\_weak\_threshold

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 0.32

Context: 8.49

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-4)

Berenguela · silver

#### 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 factor: indicated\_resource

- Positive factor: moderate\_grade

- Negative factor: contained\_metal\_below\_strong\_threshold

Evidence · table

> 68.5

Context: 43.06

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-5)

Berenguela · manganese

#### 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 factor: indicated\_resource

- Positive factor: strong\_grade

- Positive factor: strong\_contained\_metal

Evidence · table

> 5.04

Context: 43.06

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-6)

Berenguela · copper

#### 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 factor: indicated\_resource

- Positive factor: strong\_grade

- Negative factor: contained\_metal\_below\_moderate\_threshold

Evidence · table

> 0.58

Context: 43.06

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-7)

Berenguela · zinc

#### 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 factor: indicated\_resource

- Negative factor: grade\_below\_weak\_threshold

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 0.33

Context: 43.06

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-8)

Berenguela · silver

#### 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 factor: inferred\_resource

- Negative factor: weak\_grade

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 47.6

Context: 14.33

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-9)

Berenguela · manganese

#### 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 factor: moderate\_grade

- Negative factor: inferred\_resource

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 3.28

Context: 14.33

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-10)

Berenguela · copper

#### 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 factor: weak\_grade

- Negative factor: inferred\_resource

- Negative factor: contained\_metal\_below\_weak\_threshold

Evidence · table

> 0.37

Context: 14.33

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/aftermath-silver-files-technical-report--d53fd372-9a08-4ead-ba25-8acaa954b8af#fact-resource-facts-11)

Berenguela · zinc

#### 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 factor: inferred\_resource

- Negative factor: grade\_below\_weak\_threshold

- Negative factor: 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.