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Aftermath Silver（$AAG | $AAGFF）：推进 Berenguela 项目迈向预可行性研究阶段

SmallCap Asia | 亚洲小盘股 Oct 9, 2026 40:02

Summary

Chairman Michael Williams argues investors buy Aftermath Silver for the silver and get its copper and battery-metal manganese for nothing.

The updated resource estimate is 21% larger, with 51.5 million tonnes (measured-and-indicated, the two most reliable resource categories) at 122.5 grams of silver per tonne.

Its pre-feasibility study (a detailed economic and engineering assessment) is due in Q1 2027, tracking on schedule and under budget.

Newer processing now recovers about 95% of the silver and copper and 85% of the manganese, versus roughly 66% historically.

Catalysts: copper drill results, Challacollo (Chile) assays, US processing plans worth $2,000-2,500 a ton versus China's $800-1,000, and a possible NYSE or NASDAQ move.

Key points on Aftermath Silver

  • Williams says the Berenguela pre-feasibility study is on schedule and under budget and due in Q1 2027, framing it as the first time the project's economics (IRR and NPV) can be shown to the market and as the catalyst for a potential re-rating.
  • The updated resource, per Williams, is about 51.5 million tonnes measured and indicated at 122.5 g/t silver, 0.63% copper and 5.69% manganese, plus roughly 14 million tonnes inferred, a 21% increase in the measured and indicated categories.
  • Williams says test work has reached 99.9% high-purity manganese, the minimum battery grade, and that processing in the United States could realize about $2,000-2,500 per tonne versus $800-1,000 in China, with China kept as a fallback.
  • Recent drilling includes 156 metres from surface grading 1.12% copper, 290 g/t silver and 7.3% manganese, plus 48.5 metres at 438 g/t silver and 2.2% copper, and Williams says the copper targets and a skarn area 4 km from the deposit will be drilled over the next year.
  • Williams cites a C$20 million financing closed in December with no warrants and led by roughly 25% holder Eric Sprott, about $15 million in cash and 341 million shares outstanding, with a possible NYSE or NASDAQ uplisting after the pre-feasibility study.

Michael Williams's takeaways

  • Top takeaway Williams argues investors buy Aftermath for the silver and "get the manganese for nothing": 80-90% of the valuation is silver, with no market credit yet for the copper or the manganese.
  • He frames the Q1 2027 pre-feasibility study as the decisive catalyst that will let him demonstrate the project's economics for the first time and, if the numbers are good, warrant a re-rating.
  • He contends EV growth has finally created a market for high-purity manganese, pointing to BYD's shift to manganese-bearing LFP batteries, and argues few oxide-carbonate deposits qualify, giving large resource holders a commercial advantage.
  • He is constructive on the silver price, saying the stock moves with silver and that largest shareholder Eric Sprott, though he declines to speak for him, sees $200 silver as possible.
  • He argues the polymetallic resource is a "safety net geologically" and expects the pre-feasibility study to show Berenguela remains economic even if metal prices pull back.