News Summary
The latest news from December 10, 2025, announces that Aftermath Silver has commenced drilling programs at both its Berenguela silver-copper-manganese project in Peru and its Challacollo silver project in Chile.
Specifically:
– A 4,000-meter diamond core and 2,000-meter RC drilling program is underway at Berenguela. The objectives are to follow up on high copper grades previously identified on the eastern side of the resource (as reported on February 27, 2025) and to conduct infill drilling in areas identified for potential initial mining operations.
– A 1,000 to 2,000-meter core drilling program is set to begin imminently at Challacollo. The primary goal here is to investigate and expand the current mineral resource.
– Ralph Rushton, President and CEO, highlighted the company’s focus on these drilling activities, noting the opportune timing given current silver and copper prices. He expects to report the first assay results from both programs in Q1 2026.
– The news references the recently updated Mineral Resource Estimate (MRE) for Berenguela (December 4, 2025), which reported a 21% increase in Measured and Indicated (M&I) contained silver to 122.5 million ounces. The Challacollo project currently holds an Indicated resource of 35.15 million ounces of silver.
Material Impact
This news is a positive operational update, demonstrating the company’s continuous efforts to advance its key projects. It confirms the execution of planned activities following recent significant corporate developments.
Contextually, this release follows two highly material positive announcements:
1. December 4, 2025: A new NI 43-101 compliant MRE for Berenguela, showing a 21% increase in M&I contained silver to 122.5 Moz, along with significant copper and manganese. This substantially de-risked the Berenguela project by confirming and expanding its resource base.
2. November 24, 2025: Aftermath Silver completed the final payment for the Berenguela project ahead of schedule, securing 100% ownership and obtaining a waiver for the Pre-Feasibility Study (PFS) requirement from SSR Mining Inc. This solidified the company’s control over its flagship asset and streamlined the development path.
The initiation of drilling programs is a logical and necessary next step after these previous material events. It aligns directly with the CEO’s prior statements about advancing Berenguela towards a PFS and expanding resources at Challacollo. While positive, as it demonstrates progress and commitment, it does not introduce new unforeseen catalysts or discoveries that would fundamentally alter the investment thesis beyond what the MRE and acquisition news already established. The market reaction on the news day (2025-12-10) was neutral, with the stock closing unchanged after a significant run-up in previous days, suggesting this operational progress was largely anticipated or priced in.
Therefore, this news is classified as “Routine – Positive” because it confirms the ongoing development strategy and operational momentum, but it does not represent a “game-changer” or a new material shift compared to the recent resource upgrade and acquisition completion.
Catalysts
– Q1 2026 Assay Results: The CEO explicitly stated that the first assay results from both Berenguela and Challacollo drilling programs are expected in Q1 2026. This will be a critical catalyst to assess the success of the current exploration and infill drilling efforts.
– NI 43-101 Technical Report for Berenguela: The technical report supporting the new MRE (effective November 30, 2025) is expected to be filed within 45 days of the December 4, 2025, news release. Its publication will provide more detailed insights into the updated resource.
– Pre-Feasibility Study (PFS) Progress: Following the full acquisition of Berenguela, the company announced it was initiating a comprehensive PFS. Updates on its progress and preliminary findings will be important.
– Metallurgical Test Work Updates: Continued advancements and results from metallurgical test work for Berenguela, especially regarding the production of battery-grade or fertilizer-grade manganese, silver, and copper products.
Materiality Conclusion
The most recent news about commencing drilling at Berenguela and Challacollo is a positive and expected operational development. It signifies continuous progress in advancing Aftermath Silver’s projects following the recent material milestone of a significantly expanded Berenguela resource and the full acquisition of the project. While crucial for de-risking and moving towards development, it does not represent a new material change in the company’s outlook or value proposition beyond what was established by those earlier, more impactful announcements. Therefore, it is categorized as Routine – Positive.
