# Aftermath Silver Launches Berenguela Pre-Feasibility Study Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aftermath-silver-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58 Original source: https://money.tmx.com/en/quote/AAG/news/5585735912279349/aftermath-silver-launches-berenguela-pre-feasibility-study Publisher: tmx Original announcement: 2026-02-12T13:30:00.000Z 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: Silver - Secondary commodities: Copper, Manganese, Zinc - Document categories: Resource update, Economic study - Extracted: 2026-09-19 08:16:43 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Aftermath Silver has announced the commencement of a Pre-Feasibility Study \(PFS\) for its Berenguela silver-copper-manganese project in Peru. The decision follows a successful infill drilling program and an updated Mineral Resource Estimate that confirms robust mineralization. Reasoning: The announcement marks a significant project advancement from resource definition to economic study \(PFS\) for the Berenguela project, supported by a high-confidence M&I resource. - Positive factor: Commencement of Pre-Feasibility Study \(PFS\) - Positive factor: Robust silver and copper mineralization confirmed - Positive factor: High-confidence resource base \(M&I\) - Positive factor: Successful infill drilling program - Negative factor: QP is a non-independent director Facts used in scoring: 14 ## Classification and evidence **PFS Complete** Polarity: positive Definition: AACE Class 3 study complete. Why it applies: The company announced the commencement of a Pre-Feasibility Study \(PFS\) for the Berenguela project. Evidence · text > announcement the commencement of a Pre-Feasibility Study \("PFS"\) for its Berenguela silver-copper-manganese project **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document references a NI 43-101 Technical Report filed on January 16, 2026. Evidence · text > A NI43-101 Technical Report on the property was filed January 16, 2026 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The release discusses an updated Mineral Resource Estimate that builds on previous results. Evidence · text > The updated Mineral Resource Estimate \(See Aftermath news release dated December 4, 2025\) materially improved confidence ## Extracted facts Stored fact records: 13. Some facts used in scoring do not have a stored record. ## Resource Estimates (13) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aftermath-silver-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-1) Berenguela · silver Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:e006e1cdbc61853a0f59 #### Resource Data - Category: indicated - Tonnes: 43060000 - Grade: 68.5 - Grade Unit: g/t - Contained Metal: 94.9 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-2) Berenguela · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: manganese - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:e006e1cdbc61853a0f59 #### Resource Data - Category: indicated - Tonnes: 43060000 - Grade: 5.04 - Grade Unit: % - Contained Metal: 2.17 - Contained Unit: mt #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: Secondary commodity in the indicated resource category. 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-3) Berenguela · copper Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:e006e1cdbc61853a0f59 #### Resource Data - Category: indicated - Tonnes: 43060000 - Grade: 0.58 - Grade Unit: % - Contained Metal: 550.2 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: Secondary commodity in the indicated resource category. 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-4) Berenguela · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:e006e1cdbc61853a0f59 #### Resource Data - Category: indicated - Tonnes: 43060000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 312.5 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: Secondary commodity in the indicated resource category. 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-5) Berenguela · silver Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:bf7d714ca204339f1255 #### Resource Data - Category: measured - Tonnes: 8490000 - Grade: 101 - Grade Unit: g/t - Contained Metal: 27.7 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-6) Berenguela · copper Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:bf7d714ca204339f1255 #### Resource Data - Category: measured - Tonnes: 8490000 - Grade: 0.89 - Grade Unit: % - Contained Metal: 166.9 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-7) Berenguela · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:bf7d714ca204339f1255 #### Resource Data - Category: measured - Tonnes: 8490000 - Grade: 0.32 - Grade Unit: % - Contained Metal: 60 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-8) Berenguela · silver Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:59f915872282c06cc948 #### Resource Data - Category: indicated - Tonnes: 51550000 - Grade: 73.9 - Grade Unit: g/t - Contained Metal: 122.5 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-9) Berenguela · copper Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:59f915872282c06cc948 #### Resource Data - Category: indicated - Tonnes: 51550000 - Grade: 0.63 - Grade Unit: % - Contained Metal: 717.1 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-10) Berenguela · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:59f915872282c06cc948 #### Resource Data - Category: indicated - Tonnes: 51550000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 372.4 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-11) Berenguela · silver Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:56e613745979a252cd68 #### Resource Data - Category: inferred - Tonnes: 14330000 - Grade: 47.6 - Grade Unit: g/t - Contained Metal: 22 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-12) Berenguela · copper Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:56e613745979a252cd68 #### Resource Data - Category: inferred - Tonnes: 14330000 - Grade: 0.37 - Grade Unit: % - Contained Metal: 118.4 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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-launches-berenguela-pre-feasibility-study--718a0473-32e0-4b15-b16c-ec2cc7c9df58#fact-resource-facts-13) Berenguela · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Berenguela - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AAG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Parker - Resource group id: resource:56e613745979a252cd68 #### Resource Data - Category: inferred - Tonnes: 14330000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 80 - Contained Unit: mlb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-04T00:00:00.000Z #### Dates - Event date: 2026-02-12T00:00:00.000Z Reasoning: The resource estimate is an update to the December 2025 release. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High M&I percentage 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **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.