Aftermath Silver Ltd. (OTCPK:FLMZ.F) entered into a non-binding letter of intent to acquire Minera Mandalay Limitada from Mandalay Resources Corporation (TSX:MND) for CAD 11.6 million on August 1, 2018. As of November 8, 2019, Aftermath Silver Ltd., entered into a share purchase agreement to acquire Minera Mandalay Limitada from Mandalay Resources Corporation for CAD 7.5 million. Pursuant to the terms of transaction, Aftermath will pay CAD 1 million in cash on closing, CAD 1.25 million in cash not later than 18 months following the closing date, CAD 1.5 million in cash upon the first to occur of (i) completion of a NI 43-101 technical report of either a mineral resource of not less than 50M silver equivalent ounces, (ii) a NI 43-101 feasibility study and (iii) 18 months from the date of granting of the Environmental Assessment Decision associated with the environmental assessment process that is currently in progress for the execution of a drilling campaign at the Project. The remaining CAD 7.8 million is either payable in cash or in Aftermath shares not later than November 30, 2019. Aftermath will also assume Mandalay's existing contingent share and silver delivery payment obligations with respect to the Project under the terms of a share purchase agreement dated December 19, 2013 among Silver Standard Resources Inc., Silver Standard Ventures Inc., Mandalay and Mandalay Resources (Chile) SPA and other existing royalties. Aftermath and Mandalay will enter into an investor rights agreement pursuant to which Mandalay will have the right to participate in future equity offerings by Aftermath in order to maintain its pro rata ownership interest and, for as long as Mandalay owns at least 10% of Aftermath's outstanding shares, to nominate one member of Aftermath's Board of Directors. As on January 15, 2019, the terms of the deal were revised to CAD 8 million, the consideration will be paid as CAD 1 million on or before February 28, 2019, CAD 1 million will be paid on or before September 2020, CAD 5.5 million on or before February 28, 2021, to be paid, at Mandalay's option, in Aftermath shares of up to a value of CAD 2.8 million, and the balance in cash; provided that in no event shall the number of Aftermath shares issued represent more than 49% of Aftermath's outstanding shares following such payment. The Company, by making an additional CAD 0.5 million payment, shall have the right to vary the February 28, 2021 payment by paying CAD 3 million on or before February 28, 2021 and an additional CAD 3 million payment on or before February 28, 2022. Aftermath will finance the transaction from a CAD 7 million private placement. Aftermath arranged a non-brokered private placement of up to 23.8 million shares at a price of CAD 0.105 per share. Aftermath intends to use the net proceeds from the private placement for the acquisition and exploration of the Challacollo and Cachinal Silver-Gold projects in Chile. As on June 27, 2019, the terms of the deal were revised to CAD 8 million, the consideration will be paid as CAD 0.5 million on or before July 31, 2019, CAD 0.5 million on or before December 31, 2019, CAD 1 million on or before December 31, 2020, CAD 5.5 million on or before December 31, 2021, to be paid, at Mandalay's option, in Aftermath shares of up to a value of CAD 2.8 million, and the balance in cash; provided that in no event shall the number of Aftermath shares issued represent more than 49% of Aftermath's outstanding shares following such payment. As of November 12, 2019, Aftermath will pay CAD 0.5 million within 7 days of Exchange Acceptance, another CAD 0.5 million on or before December 31, 2019, CAD 1 million on or before December 31, 2020, CAD 5.5 million on or before April 30, 2021, whereas Mandalay is to retain a 3% Net Smelter Return royalty on production, up to a maximum of CAD 3 million. Aftermath has the right to vary the April 30, 2021 payment by making an aggregate payment of CAD 6 million one half of which may be paid in Aftermath shares, such that the final payment is to be made on or before April 30, 2022. As of May 13, 2021, Aftermath Silver paid CAD 1.5 million in cash on April 19, 2021 and issued 2.1 million shares on May 5, 2021. By opting to issue shares for a portion of this payment, the Aftermath will be able to direct an additional CAD 1.5 million towards its exploration programs in 2021. The Aftermath now has approximately CAD 12.5 million in its treasury and is well-funded to advance its 2021 exploration and development programs. The final payment of CAD 3 million to earn 100% of the Challacollo is now due on April 30, 2022. The transaction is expected to be completed by April 30, 2022. The transaction is subject to execution of a definitive agreement, approval by the shareholders of Aftermath, TSX Venture Exchange approval and the receipt of all necessary third-party consents. As of November 12, 2019, the transaction has been approved by the TSX Venture Exchange.

Aftermath Silver Ltd. (OTCPK:FLMZ.F) completed the acquisition of Minera Mandalay Limitada from Mandalay Resources Corporation (TSX:MND) on August 10, 2022.