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Acquisition Terms


Work Program


Berenguela is a silver-copper project located in the Altiplano of south-eastern Peru in the Department of Puno at an elevation of 4,200m, approximately 50km southwest of the city of Juliaca and 6km northeast of the town of Santa Lucia. It benefits from excellent infrastructure with water resources, grid power, potable water supply, and skilled labour in the local communities. A railway loading station is located at Santa Lucia, connecting to the port of Matarani on the Pacific coast. Santa Lucia is connected to the national grid at 220 Volts.

It is an epithermal polymetallic carbonate-replacement deposit. The mineralisation is present from surface to a depth of about 100 m. The deposit has a known strike length of 1.4km and is 200 to 300m wide, 30 to 100m thick. Stockwork bodies of manganese oxides (magnetic) are hosted within folded and faulted carbonates, and include massive flat lying lenses. It is interpreted that manganese oxides have replaced the dolomitic limestones in areas that have been structurally prepared through folding and faulting associated with NWN striking folds.

Associated with the manganese oxide body is an irregular cross cutting network of quartz veins. These veins contain the copper and silver minerals; malachite, azurite, covellite, chalcopyrite, chrysocolla, pyrite, acanthite, and small quantities of native silver.

Small scale production from surface pits and underground occurred in the early 1906 through to 1958, for a total of approximately 500,000 tonnes. ASARCO optioned the project in 1965 undertaking the first large scale investigations. Several companies subsequently performed drilling and bulk sampling for metallurgical test work. SSRM (then Silver Standard) optioned the Project in 2004, they undertook additional drilling and metallurgical test work. SSRM optioned the property in 2017 to ASX listed Valor Resources, who failed to meet acquisition agreement obligations in March 2020

  • Epithermal polymetallic carbonate-replacement deposit
  • Total tenement package of 6,594 hectares

BERENGUELA Acquisition Terms

Aftermath Silver and SSRM have agreed to a total consideration of US$13,000,000 made in staged cash payments, C$3,000,000 in Aftermath Silver common shares, and a sliding scale net smelter returns royalty (“NSR”), as follows:

  1. US$1,000,000 deposit, to be paid withing 48 hours of signing the LOI [(paid)];
  2. US$1,000,000 cash on the closing date of the proposed transaction and C$3,000,000 in Aftermath common shares, using the volume weighted average share price five (5) trading days prior to the date of signing the acquisition agreement, capped a maximum 9.9% of Aftermath’s issued and outstanding shares, with the remainder, if any, to be paid in cash;
  3. US$2,250,000 cash to be paid on the 12-month anniversary date of closing;
  4. US$2,500,000 cash to be paid on the 24-month anniversary date of closing;
  5. US$3,000,000 cash to be paid on the 48-month anniversary date of closing;
  6. Completion of a Preliminary Feasibility Study (“PFS”) and filing on SEDAR of a NI 43-101 technical report summarising the PFS, within 48 months of the anniversary date of closing;
  7. US$3,250,000 cash to be paid on the 72-month anniversary date of closing;
  8. A sliding scale net smelter returns royalty (“NSR”) on all mineral production from the Berenguela Project for the life of mine commencing at the declaration of commercial production, based on the following:
    1. 1.0% NSR, on all mineral production when the Silver Market Price is up to and including US$25/ounce; and
    2. 1.25% NSR on all mineral production when the Silver Market Price is over US$25/ounce and when the Copper Market Price is above $2.00/lb.

Closing of the acquisition is subject to Aftermath Silver and SSRM having executed and delivered the acquisition agreement, SSRM having reacquired a 100% direct and indirect interest in SOMINBESA, the owner of the Project, from Valor Resources Limited (“Valor”), the approval of the TSX Venture Exchange and certain other customary closing conditions.

BERENGUELA Infrastructure

Berenguela is located in the Department of Puno, in Southern Peru, between 4,150 and 4,280 meters above sea level in the Western Cordillera. It is located 6 km north-east of the closest community of Santa Lucia. Berenguela is close to regional centres at Juliaca (1.5 hours drive) and Arequipa (2.5 hours drive), these cities have daily flights from Lima. A railway loading station is located at Santa Lucia, connecting to the port of Matarani on the Pacific coast. Santa Lucia is connected to the national grid at 220 Volts.


Aftermath has commenced a detailed review of the Berenguela project. The objective of the work is to design an exploration program that will allow 1) a current resource estimate to be completed for the project, 2) the acquisition of sufficient mineralized samples to complete a metallurgical testwork program, 3) testing of the significant exploration potential around Berenguela, and; 4) civil geotechnical investigations and hydrology studies.

Aftermath Silver will also review the significant exploration potential around Berenguela and will drill test the most prospective targets.