Aftermath Silver
Aftermath Silver is a Canadian junior mining company (TSX-V: AAG) developing the Berenguela silver-copper-manganese project in Peru toward production, targeting major miners and U.S.-aligned battery/defense buyers of battery-grade HPMSM, silver, and copper.
- Company typePublic
- Founded2015
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Aftermath Silver does
Aftermath Silver Ltd. is a Canadian junior mining and exploration company (TSX-V: AAG; OTCQX: AAGFF; FRA: FLM1), headquartered in Vancouver, BC, that acquires and advances silver and critical-metals assets in secure jurisdictions. Its flagship asset is the Berenguela silver-copper-manganese project in southern Peru, in which it secured 100% ownership in December 2025 via acquisition from SSR Mining (subject to net smelter return royalties). Berenguela is a polymetallic carbonate-replacement deposit with an NI 43-101 Mineral Resource Estimate (effective November 2025) of 122.5 Moz silver in Measured and Indicated categories plus 22.0 Moz Inferred, with co-product credits from copper, zinc, and manganese. The company also holds 100% of the Challacollo and Cachinal silver-gold projects in northern Chile.
The company's underlying technology centers on hydrometallurgical extraction of three metals from a single deposit: Kappes Cassiday and Associates (KCA) demonstrated production of 99.98% pure battery-grade high-purity manganese sulphate monohydrate (HPMSM) from Berenguela composite samples at an estimated >90% Mn recovery, without electrowinning. Metallurgical recoveries are reported at 94% Ag, 90% Cu, and 85% Zn. Resource definition is supported by 439 drillholes (44,842 m total), with a Pre-Feasibility Study underway led by DRA Global (with SENET on hydrometallurgy), targeting completion in Q1 2027.
The company is pre-revenue; its intended revenue model is the sale of silver doré, copper metal or concentrate, and battery-grade HPMSM from Berenguela, with HPMSM representing approximately 75% of the relative NSR value, followed by silver (~13%), copper (~11%), and zinc (~1%). Its customer base consists of capital markets participants today (institutional and retail investors via three stock-exchange listings and recurring private placements), with future offtake and strategic-partnering activity directed at major mining companies seeking reserve replacement and at U.S.-aligned battery and defense buyers via a dedicated U.S. subsidiary (U.S. Critical Minerals Corp.) and the Global Frontier Advisors advisory board.
Aftermath Silver firmographics
Firmographics- Name
- Aftermath Silver
- Legal name
- Aftermath Silver Ltd.
- Website
- https://aftermathsilver.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Aftermath Silver is a Canadian junior mining company (TSX-V: AAG) developing the Berenguela silver-copper-manganese project in Peru toward production, targeting major miners and U.S.-aligned battery/defense buyers of battery-grade HPMSM, silver, and copper.
- Ownership category
- akta.pro rank
Aftermath Silver industry classification
Industry- Product category
- Silver mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industries
- Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Precious Metals Exploration & Project Development (IMAKAEAI), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)
Keywords
Where Aftermath Silver is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Aftermath Silver business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Others
Revenue model
- Silver, Copper, and Manganese Metal Production: Aftermath Silver is a pre-revenue exploration and development company. Its intended revenue model is the production and sale of silver doré, copper metal/concentrate, and high-purity manganese sulphate monohydrate (HPMSM) from the Berenguela project in Peru. The primary economic driver is HPMSM, which accounts for approximately 75% of the relative NSR value in the mineral resource, followed by silver (13%), copper (11%), and zinc (1%).
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Aftermath Silver product offering
Product offeringCore offering
Aftermath Silver is a pre-revenue Canadian junior exploration and development company that acquires, explores, and advances polymetallic silver-copper-manganese mining projects toward production. Its flagship Berenguela project in Peru is a development-stage polymetallic carbonate-replacement deposit intended to produce silver doré, copper metal, and battery-grade high-purity manganese sulphate monohydrate (HPMSM). The company also holds the Challacollo and Cachinal silver-gold projects in Chile at earlier exploration stages.
Product overview
Aftermath Silver is a Canadian junior exploration company that operates as a single-segment mining exploration and development business rather than a multi-product software platform. The company's core offering is the development of the Berenguela silver-copper-manganese project in Peru (100%-owned), which is the primary focus advancing through pre-feasibility study toward production. Supporting the portfolio are two silver-gold projects in Chile: Challacollo and Cachinal, both 99.9%-owned and at earlier exploration/resource stages. The company's strategy centers on advancing these mining assets through drilling, resource upgrades, and engineering studies toward production decisions, with potential output including silver dore, copper metal, and battery-grade manganese products.
Differentiator
Problem solved
Functional benefit
Products and services
- Berenguela Silver-Copper-Manganese Project Flagship development-stage polymetallic carbonate-replacement deposit in southern Peru, owned 100% by Aftermath Silver. Holds a NI 43-101 Mineral Resource Estimate of 122.5 Moz silver, 2.93 Mt manganese, 717.1 Mlb copper, and 372.4 Mlb zinc in M&I categories, plus 22.0 Moz silver (Inferred). Advancing through pre-feasibility study (PFS, expected completion Q1 2027) toward production of silver doré, copper metal/concentrate, and battery-grade high purity manganese sulphate monohydrate (HPMSM). HPMSM represents approximately 75% of relative NSR value.
- Challacollo Silver-Gold Project A low-sulphidation epithermal silver-gold deposit located in Region I, Northern Chile, owned 100% by Aftermath Silver (through subsidiary). Holds a NI 43-101 mineral resource of 6.64 Mt at 165 g/t Ag (Indicated, 35.2 Moz silver). Exploration focused on the Lolón vein system and Halo Target areas.
- Cachinal Silver-Gold Project A low-sulphidation epithermal silver-gold deposit in Northern Chile's Paleocene Precious Metal Belt, owned 100% by Aftermath Silver (through wholly-owned subsidiary Minera Cachinal). Holds a NI 43-101 mineral resource of 5.05 Mt at 101 g/t Ag (Indicated category) with historic small-scale production from underground workings.
Quantifiable outcome
- HPMSM purity of 99.9%+ (battery grade) demonstrated from composite samples with >90% Mn recovery estimated
- +3 more outcomes
Companies that use Aftermath Silver
Customer profileSegments2 records
Ideal customer profiles3 records
Aftermath Silver technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Aftermath Silver partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- Global Frontier Advisors L.P. (GFA)coreWashington, D.C.-based strategic advisory firm engaged by Aftermath's U.S. subsidiary U.S. Critical Minerals Corp. to position Berenguela as a strategic source of critical metals for U.S.-aligned supply chains. GFA's founding partners (LTG David Bellon, LTG Michael Groen, Ambassador James Story) provide senior-level access to U.S. national security, defense, and development-finance communities. Exploring federal funding pathways including Defense Production Act, DOE, EXIM Bank, and DFC programs.
- Lieutenant General David Bellon (USMC, Ret.)coreGFA Managing Partner with 35+ years in the U.S. Marine Corps. Brings extensive Congressional relationships and operational experience across Latin America and the Middle East, plus legal expertise (JD). Serves on the Aftermath Advisory Board to advance Berenguela within U.S. national security circles.
- Lieutenant General Michael S. Groen (USMC, Ret.)coreGFA founding partner with 36-year Marine Corps career, including as Senate-confirmed Director of the DoD's Joint Artificial Intelligence Center, and former senior leader at NSA. Brings national security policy, defense industrial planning, and technology strategy expertise to the Advisory Board.
- Ambassador James 'Jimmy' Story (Ret.)coreCareer Foreign Service Officer with 27 years of service including U.S. Ambassador to Venezuela (2018-2023), Consul General in Rio de Janeiro, and Chargé d'Affaires to Angola. Provides Western Hemisphere diplomacy expertise to position Berenguela as a strategic critical minerals asset.
- DRA GlobalcoreAftermath Silver appointed DRA Global to lead the Preliminary Feasibility Study (PFS) for Berenguela, selected following a comprehensive evaluation of international engineering groups based on technical capability, regional experience, and metallurgical expertise. DRA was engaged to advance the project amid strengthening demand for silver, copper, and HPMSM driven by electrification and energy transition.
- SENETminorSENET provides hydrometallurgical support for the Berenguela Pre-Feasibility Study, working alongside DRA Global as the lead PFS consultant.
- Danny KeatingcoreDanny Keating was appointed as a strategic advisor to Aftermath Silver, bringing over 30 years of mining executive experience including CEO of TSX-V listed Giyani Metals (advanced manganese battery metals company). He has direct experience developing a High Purity Manganese project in Southern Africa, overseeing construction of an EV battery demonstration plant, and securing strategic investors. Provides guidance on battery metals strategy, project financing, and corporate strategy.
- Kappes Cassiday and Associates (KCA)coreKCA performed comprehensive metallurgical testwork at their Reno, Nevada facility, successfully producing 99.9% pure battery-grade manganese sulphate monohydrate (HPMSM) from Berenguela composite samples. KCA's testwork built on historic metallurgical work and is directly informing the ongoing PFS and engineering studies.
- EMX Royalty Corp.minorEMX Royalty Corp. holds royalty interests in the Berenguela project. Aftermath completed the final payment to EMX in November 2025, ahead of the original due date, and negotiated a reduced final payment and waiver of a pre-feasibility study obligation.
- U.S. Critical Minerals Corp.coreAftermath Silver's newly formed U.S. subsidiary incorporated to hold and advance Berenguela's strategic positioning within U.S. critical metals supply chains. The subsidiary has entered into the GFA Advisory Services Agreement and is pursuing federal funding pathways including Defense Production Act, DOE, Export-Import Bank, and DFC programs.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Aftermath Silver competitors and assessment
Company assessmentBroad incumbents
- Pan American Silver Corp. Pan American Silver is one of the world's largest primary silver producers with operations across the Americas. As a senior incumbent, it is the natural potential acquirer profile for a development-stage silver asset like Berenguela and reflects the reserve-replacement thesis that anchors Aftermath's GTM motion.
- First Majestic Silver Corp. First Majestic is an established mid-tier silver producer with three operating silver mines in Mexico. As a larger incumbent, it offers a broader-market valuation reference for silver-dominant mining exposure and demonstrates the scale trajectory a developer like Aftermath could pursue.
- South32 Limited: South32 is a diversified base-metals and manganese miner producing manganese ore at Hotazel (South Africa) and GEMCO (Australia). As a major incumbent in manganese supply chains, it represents both a competing HPMSM feedstock supplier and a plausible strategic acquirer of Berenguela.
Direct peers
- MAG Silver Corp. MAG Silver is a silver-focused exploration and development company advancing the Juanicipio project in Mexico. It is a directly comparable precious-metals developer at a similar stage of project advancement, with silver as the primary economic driver.
- SilverCrest Metals Inc. SilverCrest is a Canadian precious-metals developer that advanced the Las Chispas silver-gold project from exploration through construction. It is a direct peer to Aftermath as a silver-focused developer that transitioned from PFS to production in a secure Latin American jurisdiction.
- Endeavour Silver Corp. Endeavour Silver is a mid-tier silver mining company operating mines in Mexico. It is a directly comparable silver producer with a similar Latin American focus and offers a benchmark for what a producing silver company emerging from developer stage can look like.
- Giyani Metals Corp. Giyani is developing the K.Hill high-purity manganese project in Botswana as a battery-grade HPMSM source. It is the most directly comparable HPMSM-focused developer; Aftermath's strategic advisor Danny Keating is the former CEO of Giyani, deepening the operational and strategic parallel.
- Hecla Mining Company: Hecla is a U.S.-listed silver and gold producer with operations across North America, including the Lucky Friday and Greens Creek silver mines. It is a comparable silver-focused operator and provides a public-market reference for valuation of silver-dominant producers.
- Element 25 Limited: Element 25 is advancing the Butcherbird manganese project in Western Australia toward HPMSM production for the lithium-ion battery supply chain. It is a directly comparable Western HPMSM developer competing for the same battery-grade manganese offtake market as Berenguela.
- Golden Minerals Company: Golden Minerals is a silver-focused junior with producing and development assets in Mexico and Argentina. It is a direct peer at the silver-developer stage with comparable project portfolio scope and Latin American exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Aftermath Silver social profiles
Digital presenceAftermath Silver financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aftermath Silver leadership team
Management profileNumber of profiles
Profiles8 records
Aftermath Silver subsidiaries and ownership
Company hierarchySubsidiaries2 records
Aftermath Silver funding detail
Funding detailFunding overview
Funding rounds8 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aftermath Silver M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aftermath Silver
What does Aftermath Silver do?
Aftermath Silver is a pre-revenue Canadian junior exploration and development company that acquires, explores, and advances polymetallic silver-copper-manganese mining projects toward production. Its flagship Berenguela project in Peru is a development-stage polymetallic carbonate-replacement deposit intended to produce silver doré, copper metal, and battery-grade high-purity manganese sulphate monohydrate (HPMSM). The company also holds the Challacollo and Cachinal silver-gold projects in Chile at earlier exploration stages.
Is Aftermath Silver a public or private company?
Aftermath Silver is a public company. It is classified as public and is currently operating.
When was Aftermath Silver founded?
Aftermath Silver was founded in 2015. It employs 1 to 10 people.
Where is Aftermath Silver based?
Aftermath Silver is headquartered in Vancouver, Canada, in the North America region.
How does Aftermath Silver make money?
One revenue line is on record: silver, Copper, and Manganese Metal Production.
Who are Aftermath Silver's main competitors?
Broad incumbents on record are Pan American Silver Corp., First Majestic Silver Corp. and South32 Limited. Direct peers are MAG Silver Corp., SilverCrest Metals Inc., Endeavour Silver Corp., Giyani Metals Corp., Hecla Mining Company, Element 25 Limited and Golden Minerals Company.
Does Aftermath Silver have an API?
No public API is recorded for Aftermath Silver.
What industry is Aftermath Silver in?
Aftermath Silver's product category is Silver mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKADAB, Copper Ore Mining (Open-Pit & Underground). Its NAICS code is 212220 and its SIC code is 1040.