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Important Information Cautionary Statement on Forward Looking - - PowerPoint PPT Presentation

A FTERMATH S ILVER TSX.V: AAG - OTCQB: AAGFF T HE B ERENGUELA S ILVER C OPPER P ROJECT A T RANSFORMATIVE A CQUISITION T HE R IGHT C OMBINATION August 2020 Silver Management Chile Peru Photograph: Berenguela Important


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AFTERMATH SILVER

August 2020

THE RIGHT COMBINATION ・ Silver ・ Management ・ Chile ・ Peru

TSX.V: AAG - OTCQB: AAGFF

Photograph: Berenguela

THE BERENGUELA SILVER – COPPER PROJECT A TRANSFORMATIVE ACQUISITION

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Important Information

Cautionary Statement on Forward Looking Information

This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation

  • r which would require any registration or licensing within such jurisdiction. This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Aftermath

Silver, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Certain information in this presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward looking

  • statements. Forward-looking statements are based on the beliefs and expectations of Aftermath Silver as well as assumptions made by and information currently available to Aftermath Silver management. Such statements reflect the current risks, uncertainties and assumptions

related to certain factors including but not limited to, all costs varying significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets, the proposed use of net proceeds from private placements, availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, drilling program results varying from expectations, delays in obtaining survey results, success

  • f future development initiatives, the completion and implementation of a preliminary economic assessment, pre-feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and

approvals from local authorities, community relations, and other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described

  • herein. Although Aftermath Silver believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the

inherent uncertainty therein. For more information the reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Aftermath’s profile at www.sedar.com Except as may be required by applicable securities laws, Aftermath Silver disclaims any intent or obligation to update any forward-looking statement. Although Aftermath Silver has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Aftermath Silver disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

Cautionary Note About Mineral Resources

This presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the Mineral Resource estimate. Readers are cautioned that: (a) Mineral Resources are not economic Mineral Reserves; (b) the economic viability of Mineral Resources that are not Mineral Reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated Mineral Resources will lead to Mineral Reserves that can be mined economically. In addition, Inferred Resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility

  • r pre-feasibility studies or economic studies except for certain preliminary economic assessments.

Historic Mineral Resources

This presentation quotes a Historic Mineral Resource for Berenguela. Please note, an independent “Qualified Person”, as defined in National Instrument 43-101 (“NI 43-101”), has not yet completed sufficient work on behalf of Aftermath to classify the historical estimate as a current Indicated or Inferred Mineral Resource, and Aftermath is not treating the historical estimate as a current Mineral Resource. For details of the Berenguela Historic JORC Mineral Resource please see the News Release by Valor Resource Ltd, 30 January 2018, available at www.ASX.com.au which presents the summary technical report by Mr. Marcelo Batelochi (CP Geo).

This presentation quotes a Historic Mineral Resource for Challacollo. Please note, an independent “Qualified Person”, as defined in National Instrument 43-101 (“NI 43-101”), has not yet completed sufficient work on behalf of Aftermath to classify the historical estimate as a

current Indicated or Inferred Mineral Resource, and Aftermath is not treating the historical estimate as a current Mineral Resource. For full details of the Challacollo Historic Mineral Resource please see the NI 43-101 Technical Report dated March 31, 2015, with an effective date

  • f December 31, 2014 titled “NI 43-101 Technical Report for the Challacollo Silver Project, Region 1, Chile” QPs Mroczek, M., Collins, M. and Butler, S. of Mining Plus Canada Consulting Ltd. and Tapia, J.C., of Sedgman S.A. Prepared for Mandalay Resources, available on the

Mandalay Resources SEDAR profile. This presentation quotes a Historic Mineral Resource for Cachinal. Please note, an independent “Qualified Person”, as defined in National Instrument 43-101 (“NI 43-101”), has not yet completed sufficient work on behalf of Aftermath to classify the historical estimate as a current Indicated or Inferred Mineral Resource, and Aftermath is not treating the historical estimate as a current Mineral Resource. For full details of the Cachinal Historic Mineral Resource please see the NI 43-101 Technical Report dated February 30, 2015, with an effective date of April 30, 2008, titled “Mineral Resource Estimation, Cachinal Silver-Zinc-Gold Project, Region II, Chile” QPs Cole, G., Couture, J.-F., and Keller, G.D. of SRK Consulting (Canada) Inc. Prepared for Apogee Minerals Ltd., now available on the Halo Labs Inc. SEDAR profile.

Mineral Resources - Cautionary Note to US Investors

This presentation has been prepared in accordance with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.

Qualified Person

Peter Voulgaris, MAIG, MAusIMM,, is a non-independent qualified person, as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this Presentation and consents to the information provided in the form and context in which it appears.

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Aftermath Proforma Silver Ounces

147 Million Ounces of Silver Historic Measured & Indicated + 38 Million Ounces of Silver Historic Inferred

BERENGUELA・CHALLACOLLO・CACHINAL

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Berenguela: Transaction Overview

  • Aftermath Silver is acquiring 100% of the Berenguela Ag-Cu project in southern Peru from SSR

Mining for US$13m cash over 6 years, C$3m in shares and a 1.0-1.25% NSR on all mineral production (depending on commodity price).

  • Berenguela adds 98M oz Ag in M&I + 28M oz Ag in Historic Inferred* to Aftermath’s resource

base.

  • Aftermath becomes the 4th largest TSX-V listed silver developer in terms of silver ounces.
  • Aftermath has 3 quality silver projects – Berenguela, Challacollo & Cachinal- at different stages of

development

*Note Cautionary Statement about Historic Resource page 5

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Berenguela Historic JORC 2018 Mineral Resource

Classification Tonnes (Mt) Silver (g/t) Copper (%) Mang- anese (%) Zinc (%) Silver (Koz) Copper (Klb) Measured 7.71 104 0.99 8.68 0.34 25,717 168,040 Indicated 28.2 80 0.73 5.16 0.30 73,009 456,465 Measured + Indicated 35.9 85 0.79 5.91 0.30 98,725 624,505 Inferred 9.97 88 0.67 2.14 0.20 28,183 147,242

Notes on the Historic Mineral Resource Estimate

1.

JORC-2012 definitions were followed for Mineral Resources.

2.

Mineral Resources were estimated by P.Geo. Marcelo Batelochi, AusIMM Competent Person.

3.

Grades are estimated by the Ordinary Kriging interpolation method using capped composite samples.

4.

Bulk density has been estimated by Nearest Neighbour method and the average value is 2.82g/cm3.

5.

The historic mineral resource uses a copper equivalent cut off of 0.5%, copper equivalents (“CuEq”) were based on the formula CuEq (%) = Cu (%) + ((Ag (g/t) / 10000) in ounces x Ag price x silver recovery) / (Cu price x Cu recovery) + (Zn% x Zn price x Zn recovery) / (Cu price x Cu recovery). Assuming: Ag price $16.795/oz and Zn $3,150/t and recoveries of Ag 50%, Cu 85% and Zn 80%. Mn grades are not considered for CuEq calculations.

6.

Numbers may not add/multiply due to rounding. The Company cautions that an independent Qualified Person (“QP”), as defined in National Instrument 43-101 (“NI 43-101”), has not yet completed sufficient work on behalf of Aftermath Silver to classify the estimate as a current Measured, Indicated or Inferred Mineral Resource, and Aftermath Silver is not treating the historical estimate as a current Mineral Resource. Aftermath Silver will need to validate previous work to produce a mineral resource that is current for CIM purposes.

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Mining Inventory 21.8Mt @111g/t Ag + 0.98% Cu + 7.6% Mn Life of mine strip ratio 0.96 (waste/ore) for 12 years @ 2Mtpa Metal price assumptions $19.1/oz Ag, $3.22/lb Cu, $500/t MnSO4, $1.07/lb Zn Average recoveries 67.9% Ag, 70.8% Cu, 63.2% Mn, 69.4% Zn Preproduction Capex US$260.3m, including working cap, EPCM, owner’s cost, 30% contingency Life of mine sustaining capital US$85.2m, including closure costs Cumulative free cash flow US$1,658m Pre-Tax NPV (8%) & IRR US$815m - 49% Post-Tax NPV (8%) & IRR US$564m - 35% Average operating cost US$52.62/t run of mine, all-in sustaining cash cost includes royalties Level of accuracy ±35%

Historic 2018 Scoping Study Results

Historic 2 0 1 8 Scoping Study Pit Optim isation

A summary of the scoping study economic highlights follows, the results have not been verified by the Company and the reader is cautioned not to rely on the economic results below:

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Accretive Transactions

Peer Positioning Aftermath Silver is now one of the largest silver developers Increased Scale 3 projects with total 147M oz Ag historic M&I + 38M oz Ag historic inferred. Open Pit Potential All three projects are being assessed for their open pit potential Project Pipeline Highly attractive growth pipeline, from value realisation at Berenguela to organic growth at Challacollo Positive Mining Environment Northern Chile and southern Peru are both favourable mining jurisdictions Liquidity and Visibility Ability to meet investment hurdles of institutional investors

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Project Summaries

Challacollo – Organic Growth Cachinal – De-risking Berenguela – Realisation of Value

80% with option to acquire last 20% 4,867 Ha Historic Mineral Resource

  • 18.4 Million Ounces of Silver Ind.
  • 3.0 Million Ounces of Silver Inf.

+ Gold credits Infill drilling to expand higher grade shoots & metallurgical samples for heap leach and direct leach flowsheets Option to own 100% 6,594 Ha Historic Mineral Resource:

  • 98 Million Ounces of Silver M+I
  • 28 Million Ounces of Silver Inf.

+ Copper, Manganese & Zinc credits Convert Inferred to Indicated for inclusion in Pre-feasibility Pre-feasibility Engineering Option to own 100% 20,378 Ha. Historic Mineral Resource

  • 30.2 Million Ounces of Silver Ind.
  • 6.9 Million Ounces of Silver Ind.

+ Gold credits Resource Development Targets:

  • Halo Hangingwall low risk target
  • Footwall Splay
  • Parallel Veins
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TSX-V Silver Developers

100 200 300 400 500 600 100 200 300 400 500 600

AgEq g/t Silver Ounces

Inferred Ag Oz Indicated Ag Oz Measured Ag Oz AgEq g/t

Source : Elysium Mining Ltd, based on company disclosures. Silver Equivalents (AgEq) Calculated using metal prices as of 29/Jul/2020 at 100% recovery for all metals

See Peer Group Market Cap Next Slide

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TSX-V Silver Developers Peer Group Re-rating Potential

As of August 7, 2020. Aftermath & Silver One Contained Silver Ounces are based on Historic Resources, see Cautionary Notes page 2

$0 $200 $400 $600 $800 $1,000

Market Capitalisation

100 200 300 400 500 600

Inferred Ag Oz Indicated Ag Oz Measured Ag Oz Golden Tag Resources Silver One Resources Inc. Minco Silver Kootenay Silver AFTERMATH SILVER New Pacific Metals Corp. Bear Creek Mining Corp Discovery Metals

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Aftermath Silver Share Structure

Current Share Structure Current AAG Shares Outstanding 94.17 m Warrants (ave. strike $0.19) 23.69 m Options (strike $0.33) 5.95 m Fully Diluted 123.28 m Cash $1.8m

3-month average daily trading volume TSX.V 555k OTC 421k Major Share holders: Eric Sprott 15.8% issued Palisades Gold Corp. 6.37% issued

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Berenguela Location

  • Department Puno, in Southern Peru
  • Between 4,150m and 4,280m above sea level
  • Regional centres at Juliaca (50 km - 1.5 hours

drive) & Arequipa (204 km - 2.5 hours drive), with daily flights from Lima

  • Located 6 km north-east of the closest

community of Santa Lucia

  • A railway loading station is located at Santa

Lucia, connecting to the port of Matarani on the Pacific coast

  • Santa Lucia is connected to the national grid at

220 Volts

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Berenguela Acquisition Terms – 100% Ownership

  • US$1,000,000 deposit, to be paid withing 48 hours of signing the LOI [paid];
  • US$1,000,000 cash on the closing date of the proposed transaction and C$3,000,000 in Aftermath common shares, using the

volume weighted average share price five (5) trading days prior to the date of signing the acquisition agreement, capped at a maximum 9.9% of Aftermath’s issued and outstanding shares, with the remainder, if any, to be paid in cash;

  • US$2,250,000 cash to be paid on the 12-month anniversary date of closing;
  • US$2,500,000 cash to be paid on the 24-month anniversary date of closing;
  • US$3,000,000 cash to be paid on the 48-month anniversary date of closing;
  • US$3,250,000 cash to be paid on the 72-month anniversary date of closing;
  • Completion of a Preliminary Feasibility Study (“PFS”) and filing on SEDAR of a NI 43-101 technical report summarising the PFS,

within 48 months of the anniversary date of closing;

  • A sliding scale net smelter returns royalty (“NSR”):

⎼ 1.0% NSR, on all mineral production when the Silver Market Price is up to and including US$25/ounce; and ⎼ 1.25% NSR on all mineral production when the Silver Market Price is over US$25/ounce and when the Copper Market Price is above $2.00/lb.

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Berenguela Geology

  • Situated within the Western Cordillera of the Andean mountains,

dominated by Cenozoic to Quaternary volcanic and sedimentary rocks.

  • The Berenguela Ag-Cu-Mn deposit lies within a erosional window

that exposes Mesozoic sedimentary rocks.

  • Epithermal polymetallic carbonate-replacement deposit
  • Folded sedimentary sequence of three formations: Huancane red

bed-evaporites at the base, Murco Limestones & red-beds, which host the mineralisation, & Ayabacas Limestone. This sequence is capped by a post mineral Tacaza group andesites.

  • The Berenguela Ag–Cu–Mn deposit trends WNW for more than

1,400m along a whale-back ridge that separates two valleys.

  • Two main styles of mineralisation:

⎼ Mn-Cu-Ag-Co mantos which replace beds in the Murco Formation ⎼ Hydrothermal manganese oxide breccias of Mn-Cu-Ag.

  • A barren pebble dyke cuts the sedimentary sequence.
  • Total metres drilled since 2004: 318 holes for 34,796 m

BERENGUELA GT11 GT12

Historic Datasets : Stream Sedim ents, Soil, Rock Chip & Drilling

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Berenguela Long Section

Manganese oxide replacement of carbonate Oxide copper mineralisation with chalcedonic quartz

100m

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Berenguela Historic Metallurgy

Process was developed by Kappes Cassidy & Associates (KCA) in the 1990s using sulphur dioxide as reductant, recovering copper, silver, zinc and manganese for sale.

  • Silver occurs as Acanthite
  • Copper occurs near surface as Chrysocolla, Malachite & Azurite, and depth as Chalcocite & Chalcopyrite
  • Manganese occurs predominately as Psilmelane & Pyrolusite

Flow Sheet

  • Crushing and dry magnetic separation - preconcentration of manganese feed to reduce acid consuming

carbonates (limestone)

  • Decomposition (Solvent Extraction - SX) of the manganese oxide matrix to liberate silver and copper. Solvent

with sequential electrolytic winning (EW)

  • Solids -> standard cyanide leach and Merrill Crowe to produce silver doré (67.7% recovery)
  • Pregnant solution goes to sequentially EW to produce copper cathode (70.6% recovery) and zinc cathode

(69.1% recovery)

  • Remaining solution is crystallised as manganese sulphate (68.4% recovery). Trade off studies for production
  • f manganese dioxide metal (battery grade) are needed
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Matarani International Port

Photo : www.AnkaSea.com

Operated by Terminal Internacional del Sur (“TISUR”) S.A.

  • 4 Piers
  • Container
  • Mineral concentrates
  • Bulks
  • Maximum overall length of vessel 245m

Photos : www.tisur.com.pe

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Berenguela Exploration

Berenguela Detailed Mapping

BERENGUELA GT11 GT12 GT11 1.5 km SW from Berenguela, separated by a fault. 1.3 km strike of anomalous rock chips. 2009, ‘15 & ’18 Rock Chip Highlights:

  • 431 g/t Ag, 2.79% Cu
  • 240 g/t Ag, 1.25% Cu
  • 239 g/t Ag, 1.96% Cu
  • 78.48 g/t Ag, 1.69% Cu
  • 55.60 g/t Ag, 1.37% Cu
  • 124 g/t Ag, 0.63% Cu
  • 72.4 g/t Ag, 1.19% Cu

GT12 3.5 km SW from Berenguela 1.3 km strike of anomalous rock chips. 2018 Rock Chip Highlights :

  • 63.2 g/t Ag, 3.31% Cu
  • 59.4 g/t Ag, 1.86% Cu
  • 95.1 g/t Ag, 2.77% Cu
  • 131 g/t Ag, 5.36% Cu
  • 185 g/t Ag, 3.24% Cu
  • 57.9 g/t Ag, 2.58% Cu
  • 43.6 g/t Ag, 0.72% Cu

Berenguela Rock Chip Geochem - Silver

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Berenguela Exploration

Gravity / Density Ground Magnetics I nduced Polarisation ( I P)

BERENGUELA GT11 GT12

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Work Programs

Challacollo – Organic Growth Cachinal – De-risking Berenguela – Realisation of Value

Mineral Resource Update

  • Drilling to expand higher grade shoots
  • Drilling to obtain metallurgical

samples

  • 3D survey of historic stopes
  • Mineral resource update

PFS Preliminary Program

  • Diamond twinning of RC holes
  • Infill diamond drilling
  • Drilling for metallurgical samples
  • Metallurgical test work
  • Supporting technical programs (pit

slop geotech’, tails, hydrology, civil)

  • Environmental & Social programs

Resource Development Program

  • Sampling of 3,000 m of existing core
  • Resource definition drilling hanging

wall halo, footwall splay and parallel vein targets

  • Metallurgical test work focusing on

hanging wall halo

  • Mineral resource update
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TSX.V: AAG OTCQB: AAGFF Historic Mining at Challacollo

* * Challacollo Historic Mineral Resource: An independent “Qualified Person”, as defined in National I nstrument 43-101 (“NI 43-101”), has not done sufficient work on behalf of Aftermath to classify the historical estimate as a current indicated mineral resource or inferred mineral resource, and Aftermath is not treating the historical estimate as a current mineral resource. For full details please see the March 2015 43-101 Technical Report “NI 43-101 Technical Report for the Challacollo Silver Project, Region 1, Chile” QPs Mroczek, M., Collins, and M.,Butler, S. of Mining Plus Canada Consulting Ltd. and Tapia, J.C., of Sedgman S.A. Prepared for Mandalay Resources, available on he Mandalay Resources SEDAR profile.

Challacollo Historic Mineral Resource** Classification Tonnes (Mt) Silver (g/t) Gold (g/t) Silver (Moz) Gold (Koz) Indicated 5.66 101 0.13 18.41 24.03 Inferred 0.82 115 0.12 3.02 3.26 Classification Tonnes (Mt) Silver (g/t) Gold (g/t) Silver (Moz) Gold (Koz) Indicated 4.7 200 0.32 30.2 48.4 Inferred 1.6 134 0.31 6.9 15.9 Cachinal Historic Mineral Resource*

* Cachinal Historic Mineral Resource: An independent “Qualified Person”, as defined in National Instrument 43-101 (“NI 43-101”), has not done sufficient work on behalf of Aftermath to classify the historical estimate as a current indicated mineral resource or inferred mineral resource, and Aftermath is not treating the historical estimate as a current mineral resource. For full details of the Cachinal Historic Mineral Resource please see the NI 43-101 Technical Report dated April 30, 2008, with an effective date of April 30, 2008, titled “Mineral Resource Estimation, Cachinal Silver-Zinc-Gold Project, Region II, Chile” QPs Cole, G., Couture, J.-F., and Keller, G.D. of SRK Consulting (Canada) Inc. Prepared for Apogee Minerals Ltd., & available on the Halo Labs Inc. SEDAR profile.

Challacollo & Cachinal Historic Mineral Resources

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Challacollo Infrastructure Advantages

  • Accessed via Teck’s paved Quebrada Blanca access road via

a 20 km dirt track.

  • Paved road A85 passes through the Challacollo exploration

tenements, approximately 6 km to the south of the historic resource area.

  • An easement has been made through the Challacollo

exploration tenements to allow access to Teck’s Quebrada Blanca desalination water and concentrate pipelines.

  • High voltage power lines located 12 km to north and 30 km

to the south east.

  • 44 km along existing alignments to the Lagunas substation.
  • Ground water licences located 17 km east and 30 km

southwest of Challacollo.

  • Elevation 1,500 m
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Challacollo Halo Target

Hangingwall halo structures are NOT part of the Lolón Historic Mineral Resource Footwall potential is less well

  • understood. Drilling needs to

extend into footwall Section through approximate centre of known strike

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Cachinal Infrastructure Advantages

  • Elevation 2,700m
  • 2.5 hours drive from Antofagasta & Taltal
  • Accessed via B-865 road to Austral Gold’s Guanaco gold-

silver mine, then via a 15km dirt track.

  • National Grid fed by renewables at Taltal wind farm and

Paposa and Taltal Solar farms

  • High voltage power lines located 35km to west and 16 km

south (at Guanaco)

  • Elevation 2,700m
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Ralph Rushton

President, CEO, Director

Mining Exploration Marketing Capital Raising

Peter Voulgaris

Technical Advisor

Exploration Mining Engineering Project Management Business Development

Michael W illiam s

  • Exec. Chairm an, Director

M&A Marketing Executive Management Capital Raising

Keenan Hohol

Director

David Terry

Director

Geology & exploration Corporate finance CEO Genesis Metals Director of Genesis, Great Bear, Aftermath, Golden Arrow, Blue Sky Uranium Former general counsel Pan American Silver Corporate governance Securities law & M&A Director of Genesis, Aftermath

Key People: Management & Board

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CONTACT INFORMATION

April 2020

TSX.V: AAG OTCQB: AAGFF

Ralph Rushton

President, CEO & Director

ralphr@aftermathsilver.com

Phone : +1 604 484 7855

http://aftermathsilver.com/

Michael Williams

  • Exec. Chairman & Director

mw@ aftermathsilver.com