Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the 'Company' or 'Aftermath Silver') is pleased to provide an update on the Berenguela silver-copper-manganese project in southern Peru.

On March 2nd, 2023 the Company published an updated and expanded mineral resource for the property (see AAG News release dated March 1, 2023). Drilling in 2021-2 was in part designed to obtain bulk (PQ diameter) core samples from various geological and metallurgical domains at Berenguela. A comprehensive bench-test beneficiation program on selected composite core samples is being designed by Kappes Cassidy of Reno, Nevada, USA, focusing on optimising processing and recoveries of silver, manganese, copper, and zinc, and on potential manganese products including agricultural and battery grade manganese sulphate (MnSO4). The Company currently anticipates completion of the program in Q3/Q4 of 2023. The results will provide key technical inputs for Aftermath's planned Preliminary Economic Analysis which is expected to begin in late 2023.

Composite core samples, representing the key mineralized domains, are now being assembled at the Company's core storage facility in Arequipa. They will be shipped to KCA's facility in Reno to facilitate pre-treatment beneficiation testing which will include ore-sorting. As a first step, initial visual evaluations are being carried out on core samples from current and historic drilling focusing on the distribution of various minerals and their relationship with assay grades.

Fieldwork is expected to recommence in June with exploration and mapping east of the known mineralisation on potential extensions indicated by outcrops, historic drilling and existing underground workings. The work will also investigate a potential intrusive centre to the east of the main Berenguela mineralization.

Bereguela Mineral Resource

About Aftermath Silver Ltd.

Aftermath Silver Ltd. is a leading Canadian junior exploration company focused on silver, and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The Company's projects have been selected based on growth and development potential.

Berenguela Silver-Copper project. The Company has an option to acquire a 100% interest through a binding agreement with SSR Mining. The project is located in the Department of Puno, in southern central Peru. A NI 43-101 Technical Report on the property was filed in February 2021 (available on SEDAR and the Company's web page). The Company is currently drilling at Berenguela and planning to advance the project through a pre-feasibility study.

Challacollo Silver-Gold project. The Company recently completed the acquisition of a 100% interest in the Challacollo silver-gold project from Mandalay Resources; see Company news release dated August 11, 2022. A NI 43-101 mineral resource was released on December 15, 2020 (available on SEDAR and the Company's web page). The Company is currently permitting road access in anticipation of an upcoming drill program.

Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag-Au project, located 2.5 hours south of Antofagasta. On February 15, 2023, Aftermath announced it had signed a Share Purchase Agreement an agreement to sell Cachinal to Honey Badger Silver Inc. On September 16, 2020, the Company released a CIM compliant Mineral Resource and accompanying NI 43-101 Technical Report (available on SEDAR and on the Company's web page).

Contact:

Tel: 604-484-7855

Cautionary Note Regarding Forward-Looking Information

Certain of the statements and information in this news release constitute 'forward-looking information' within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to interpretation of exploration programs and drill results, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'is expected', 'anticipates', 'believes', 'plans', 'projects', 'estimates', 'assumes', 'intends', 'strategies', 'targets', 'goals', 'forecasts', 'objectives', 'budgets', 'schedules', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the Feasibility Study and general economic, market or business conditions. In addition, forward looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate. 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 Silver's profile at www.sedar.com.

There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward looking statements. The Company does not undertake to provide updates to any of the forward looking statements in this release, except as required by law.

Cautionary Note to US Investors - Mineral Resources

This News Release 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.

(C) 2023 Electronic News Publishing, source ENP Newswire