News Summary
On December 15, 2025, Aftermath Silver announced a C$15 million brokered private placement of common shares at a price of C$0.90 per share. The financing is structured as a Listed Issuer Financing Exemption (LIFE) offering, making the shares immediately free-trading. Notably, renowned resource investor Eric Sprott has indicated his intent to participate. The proceeds will be used to advance the Berenguela Silver-Copper-Manganese project in Peru, including the completion of a pre-feasibility study (PFS), fund further exploration on its other projects, and for general working capital.
Material Impact
This financing is a game-changing event for Aftermath Silver. The C$15 million infusion, combined with existing cash, fully funds the company through its next major de-risking milestone: a Pre-Feasibility Study (PFS) for its flagship Berenguela project. This removes any near-term financing overhang and market uncertainty, allowing management to focus entirely on execution.
The participation of Eric Sprott is a significant third-party validation of the project’s quality and management’s strategy. Sprott’s continued investment provides a powerful endorsement that can attract broader institutional and retail interest.
The financing is structured as pure equity at a minimal discount to the market price preceding the announcement, and critically, includes no warrants. This is a sign of institutional demand and strength, minimizing future potential dilution compared to typical junior financing structures. Coming just days after announcing an increased mineral resource estimate and the commencement of new drill programs, the timing is impeccable. The company has successfully translated exploration success into a fortified balance sheet, positioning it to aggressively advance its asset base.
Catalysts
– Closing of the Financing: Formal confirmation of the C$15 million financing closing and the final allocation to strategic investors like Eric Sprott.
– Drill Results (Q1 2026): The company stated on December 10 that it expects the first assays from the new drill programs at both Berenguela (Peru) and Challacollo (Chile) in Q1 2026. These results will be critical to demonstrate further resource expansion potential.
– Pre-Feasibility Study (PFS) Progress: Updates on the timeline and key milestones for the Berenguela PFS. This study will be the next major catalyst, providing detailed project economics and engineering.
– Metallurgical Test Work Results: Further details on the success of producing battery-grade manganese sulphate, which is key to the project’s unique polymetallic value proposition.
Materiality Conclusion
The announcement of a C$15 million financing with Eric Sprott’s participation is a “Material – Game Changer” event. It provides the necessary capital to advance the flagship Berenguela project to the pre-feasibility stage, eliminates short-term financing risk, and serves as a powerful endorsement of the asset’s potential from a leading resource investor. This significantly de-risks the company’s path forward.
