# Aftermath Silver Files Technical Report

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d

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: Department of Puno in southern Peru

- Primary commodity: Manganese

- Secondary commodities: Silver, Copper, Zinc

- Document categories: Resource update

- Extracted: 2026-09-19 08:25:16 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, with an effective date of November 30, 2025. The report outlines a significant Mineral Resource Estimate, including 51.55 Mt of Measured and Indicated resources, and identifies high-purity manganese sulphate monohydrate \(HPMSM\) as the primary economic driver. The company plans to advance engineering work towards a preliminary feasibility study in 2026.

Reasoning: The document announces the filing of a new NI 43-101 compliant Mineral Resource Estimate for the Berenguela project, which includes significant Measured and Indicated resources for silver, copper, manganese, and zinc. The focus on battery-grade manganese sulphate as the primary economic driver is a positive development, and the estimate is recent with clear QP sign-off.

- Positive factor: New Mineral Resource Estimate filed for a polymetallic deposit, establishing a baseline for future development.

- Positive factor: High confidence in the resource with a significant Measured and Indicated component \(51.55 Mt\).

- Positive factor: The primary economic driver is high-purity manganese sulphate monohydrate \(HPMSM\), indicating a focus on battery metals.

- Positive factor: The report is NI 43-101 compliant with multiple Qualified Persons named.

- Negative factor: No explicit contained metal for HPMSM, only for elemental Mn, which is not the primary product.

Facts used in scoring: 16

## Classification and evidence

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: A current resource fact retains the disclosed cut-off grade

## Extracted facts

Stored fact records: 16. Some facts used in scoring do not have a stored record.

## Resource Estimates (16)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-0)

Berenguela · silver

#### Identity

- Project: Berenguela
- Commodity: silver
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:c03d9736fe2992fd4afd
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 8490000
- Grade: 101
- Grade Unit: g/t
- Contained Metal: 27.7
- Contained Unit: moz
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a high-confidence Measured resource for silver, contributing significantly to the project's overall value.

- Positive factor: High confidence Measured category for silver.

- Positive factor: Significant contained silver ounces.

Evidence · table

> 101

Context: 8.49

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-1)

Berenguela · manganese

#### Identity

- Project: Berenguela
- Commodity: manganese
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:c03d9736fe2992fd4afd
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 8490000
- Grade: 8.97
- Grade Unit: %
- Contained Metal: 0.76
- Contained Unit: mt
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a high-confidence Measured resource for manganese, which is highlighted as the primary economic driver of the project.

- Positive factor: High confidence Measured category for manganese, the primary economic driver.

- Positive factor: Significant contained manganese tonnes.

Evidence · table

> 8.97

Context: 8.49

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-2)

Berenguela · copper

#### Identity

- Project: Berenguela
- Commodity: copper
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:c03d9736fe2992fd4afd
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 8490000
- Grade: 0.89
- Grade Unit: %
- Contained Metal: 166.9
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a high-confidence Measured resource for copper, adding to the polymetallic nature of the project.

- Positive factor: High confidence Measured category for copper.

- Positive factor: Significant contained copper pounds.

Evidence · table

> 0.89

Context: 8.49

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-3)

Berenguela · zinc

#### Identity

- Project: Berenguela
- Commodity: zinc
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:c03d9736fe2992fd4afd
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 8490000
- Grade: 0.32
- Grade Unit: %
- Contained Metal: 60
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a high-confidence Measured resource for zinc, further diversifying the project's metal content.

- Positive factor: High confidence Measured category for zinc.

- Positive factor: Contributes to the polymetallic nature of the project.

Evidence · table

> 0.32

Context: 8.49

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-4)

Berenguela · silver

#### Identity

- Project: Berenguela
- Commodity: silver
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:433fc36fa09e7212d00a
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 43060000
- Grade: 68.5
- Grade Unit: g/t
- Contained Metal: 94.9
- Contained Unit: moz
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a substantial Indicated resource for silver, which significantly increases the project's overall silver endowment and confidence.

- Positive factor: Significant Indicated resource for silver, adding to overall confidence.

- Positive factor: Large contained silver ounces.

Evidence · table

> 68.5

Context: 43.06

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-5)

Berenguela · manganese

#### Identity

- Project: Berenguela
- Commodity: manganese
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:433fc36fa09e7212d00a
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 43060000
- Grade: 5.04
- Grade Unit: %
- Contained Metal: 2.17
- Contained Unit: mt
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a substantial Indicated resource for manganese, reinforcing the project's primary economic focus on battery metals.

- Positive factor: Significant Indicated resource for manganese, supporting the primary economic driver.

- Positive factor: Large contained manganese tonnes.

Evidence · table

> 5.04

Context: 43.06

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-6)

Berenguela · copper

#### Identity

- Project: Berenguela
- Commodity: copper
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:433fc36fa09e7212d00a
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 43060000
- Grade: 0.58
- Grade Unit: %
- Contained Metal: 550.2
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a substantial Indicated resource for copper, enhancing the project's overall metal endowment.

- Positive factor: Significant Indicated resource for copper, contributing to the polymetallic nature.

Evidence · table

> 0.58

Context: 43.06

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-7)

Berenguela · zinc

#### Identity

- Project: Berenguela
- Commodity: zinc
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:433fc36fa09e7212d00a
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 43060000
- Grade: 0.33
- Grade Unit: %
- Contained Metal: 312.5
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This represents a substantial Indicated resource for zinc, adding to the polymetallic nature of the project.

- Positive factor: Significant Indicated resource for zinc, further diversifying the project's metal content.

Evidence · table

> 0.33

Context: 43.06

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-8)

Berenguela · silver

#### Identity

- Project: Berenguela
- Commodity: silver
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:b38f18a5638275f344f4
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 51550000
- Grade: 73.9
- Grade Unit: g/t
- Contained Metal: 122.5
- Contained Unit: moz
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This combined Measured and Indicated resource for silver represents a very high-confidence and substantial silver endowment for the project.

- Positive factor: Very large Measured and Indicated resource for silver, providing high confidence and scale.

- Positive factor: Significant contained silver ounces.

Evidence · table

> 73.9

Context: 51.55

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-9)

Berenguela · manganese

#### Identity

- Project: Berenguela
- Commodity: manganese
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:b38f18a5638275f344f4
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 51550000
- Grade: 5.69
- Grade Unit: %
- Contained Metal: 2.93
- Contained Unit: mt
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This combined Measured and Indicated resource for manganese represents a very high-confidence and substantial endowment for the project's primary economic driver.

- Positive factor: Very large Measured and Indicated resource for manganese, reinforcing its role as the primary economic driver.

- Positive factor: Significant contained manganese tonnes.

Evidence · table

> 5.69

Context: 51.55

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-10)

Berenguela · copper

#### Identity

- Project: Berenguela
- Commodity: copper
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:b38f18a5638275f344f4
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 51550000
- Grade: 0.63
- Grade Unit: %
- Contained Metal: 717.1
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This combined Measured and Indicated resource for copper provides a high-confidence and substantial contribution to the project's metal content.

- Positive factor: Large Measured and Indicated resource for copper, adding to the polymetallic nature.

Evidence · table

> 0.63

Context: 51.55

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-11)

Berenguela · zinc

#### Identity

- Project: Berenguela
- Commodity: zinc
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:b38f18a5638275f344f4
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 51550000
- Grade: 0.33
- Grade Unit: %
- Contained Metal: 372.4
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This combined Measured and Indicated resource for zinc provides a high-confidence and substantial contribution to the project's metal content.

- Positive factor: Large Measured and Indicated resource for zinc, further diversifying the project's metal content.

Evidence · table

> 0.33

Context: 51.55

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-12)

Berenguela · silver

#### Identity

- Project: Berenguela
- Commodity: silver
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:260921fd55cb3cdca0ab
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 14330000
- Grade: 47.6
- Grade Unit: g/t
- Contained Metal: 22
- Contained Unit: moz
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This Inferred resource for silver indicates additional potential but requires further drilling to upgrade confidence.

- Positive factor: Adds to the overall silver potential of the project.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 47.6

Context: 14.33

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-13)

Berenguela · manganese

#### Identity

- Project: Berenguela
- Commodity: manganese
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:260921fd55cb3cdca0ab
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 14330000
- Grade: 3.28
- Grade Unit: %
- Contained Metal: 0.47
- Contained Unit: mt
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This Inferred resource for manganese indicates additional potential but requires further drilling to upgrade confidence.

- Positive factor: Adds to the overall manganese potential of the project.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 3.28

Context: 14.33

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-14)

Berenguela · copper

#### Identity

- Project: Berenguela
- Commodity: copper
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:260921fd55cb3cdca0ab
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 14330000
- Grade: 0.37
- Grade Unit: %
- Contained Metal: 118.4
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This Inferred resource for copper indicates additional potential but requires further drilling to upgrade confidence.

- Positive factor: Adds to the overall copper potential of the project.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.37

Context: 14.33

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-files-technical-report--da6d414f-ba9b-4568-a4bc-5564c1f7f34d#fact-resource-facts-15)

Berenguela · zinc

#### Identity

- Project: Berenguela
- Commodity: zinc
- Region: peru
- Reported Region: Department of Puno in southern Peru
- Ticker: AAG

#### Resource scope

- Estimate type: resource
- Effective date: 2025-11-30T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id: resource:260921fd55cb3cdca0ab
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 14330000
- Grade: 0.25
- Grade Unit: %
- Contained Metal: 80
- Contained Unit: mlb
- Cutoff Grade: 137.4
- Cutoff Unit: USD NSR

#### Prior Estimate

- Resource Date: 2025-11-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-16T00:00:00.000Z

Reasoning: This Inferred resource for zinc indicates additional potential but requires further drilling to upgrade confidence.

- Positive factor: Adds to the overall zinc potential of the project.

- Negative factor: Inferred category has lower geological confidence.

Evidence · table

> 0.25

Context: 14.33

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## 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.