Aftermath Silver has announced that 7,914,398 of the outstanding warrants to purchase common shares of the company have recently been exercised, generating cash proceeds of C$1,989,439.50. Notably, this total includes the exercise of 7,439,898 warrants at $0.25 per common share for aggregate consideration of $1,859,975 by 2176423 Ontario Ltd., a corporation beneficially owned and controlled by Mr. Eric Sprott, Aftermath's largest shareholder. Following this transaction, Mr. Sprott owns 33,519,694 shares, representing 14.4% of Aftermath's issued shares.
Ralph Rushton, President and CEO of Aftermath, commented, "I'd like to thank all of our shareholders for their ongoing support through the recent private placement and the recent warrant exercises. These funds will help us advance the Berenguela silver-copper-manganese project in southern Peru. We are currently planning a targeted diamond drill program at Berenguela, which will be carried out in parallel with ongoing metallurgical test work."
Berenguela Project
Aftermath Silver has an option to acquire a 100% interest in the Berenguela project through a binding agreement with SSR Mining. Berenguela hosts a potentially open-pittable silver-copper-manganese resource located near Santa Lucia in the Puno province of southern Peru. The project is strategically significant due to the crucial industrial applications of silver, copper, and manganese in the clean energy and battery sectors. Both copper and manganese have been designated as critical metals by the US government and the European Union.
Key highlights of the Berenguela project include its proximity to infrastructure, being less than 6 km from road, rail, and power lines, and just 4 hours from Arequipa via sealed road. In March 2023, Aftermath published a resource estimate based on over 300 core and RC holes drilled on the property. Current metallurgical test work is building on historical studies, with the goal of producing silver and copper metal and a commercial battery-grade or fertilizer-grade manganese product.
