Aftermath Silver's Challacollo Project: Strategic Drilling in a Bullish Silver Market

The global silver market is entering a transformative phase, driven by industrial demand, supply constraints, and macroeconomic tailwinds. With the metal trading near $42 per ounce in mid-September 2025, analysts from HSBC, Citigroup, and CME predict prices could surpass $47 by 2030, fueled by a structural supply deficit and surging demand from solar energy, electric vehicles (EVs), and electronicsSilver Price Prediction 2025-2030: Forecasts^[1]. Against this backdrop, Aftermath Silver Ltd.'s (AAGFF) 2025 drill plan for its Challacollo Silver-Gold Project in northern Chile represents a strategically timed initiative to expand a high-grade resource in one of the world's most prospective silver districts.

Strategic Exploration Timing: Aligning with a Rising Silver Cycle

Aftermath Silver's decision to initiate a 7–10 hole diamond core drilling program in Q4 2025 aligns with a market that is already in a multi-year uptrend. Silver prices have surged 11.7% over the 20-day moving average as of September 2025, with technical indicators like the Stochastic %K and %D suggesting sustained bullish momentumSilver Sep '25 Futures Technical Analysis^[2]. This timing is critical: resource expansion efforts at Challacollo could capitalize on elevated prices while securing low-cost exploration in a market where capital is increasingly flowing to silver producers.

The company's focus on extending known veins down dip and along strike—particularly at Lolón North, Lucy North, and Palermo North—targets areas where historical data indicates gold and base metal grades often increase with depthAftermath Silver Outlines Drill Plan for Challacollo Silver-Gold Project, Chile^[3]. For instance, the Lolón Vein, which strikes north-south for 3.0 km and reaches thicknesses of 25 meters at depths exceeding 150 meters, remains unexplored below 200 meters oxidation levelsGeology - Aftermath Silver Ltd.^[4]. Deeper drilling could unlock higher-grade mineralization, enhancing the project's economic viability.

Resource Expansion Potential: Building on a Strong Foundation

Challacollo's current resource base is already robust, with 6.64 million tonnes of indicated resources at 165 g/t silver and 2.8 million tonnes of inferred resources at 124 g/t silverOverview - Aftermath Silver Ltd.^[5]. However, the project's true potential lies in its untapped zones. The 2020 mineral resource estimate identified 35.15 million ounces of silver in the indicated category and 11.144 million ounces in the inferred category, with 84% of resources falling within a conceptual pit shellAftermath Silver Announces Mineral Resource Estimate for Challacollo Silver-Gold Project, Chile^[6].

Aftermath's drilling program aims to expand these estimates by testing previously unexplored veins and structures. Notably, the “Halo Target” above the Lolón Vein—a low-grade breccia-style mineralization zone—could be processed via heap leaching, adding to the project's flexibilityAftermath Silver Summarises Challacollo Drill Intersections Outside of Mineral Resource^[7]. Additionally, the Millsite vein and other parallel structures (e.g., Palermo, Gladys 4) remain underexplored, offering further upside.

Geological and Logistical Advantages

Challacollo's geology as a low-sulphidation epithermal system—hosted in Cretaceous volcanic rocks and intruded by granitoid bodies—creates a favorable environment for polymetallic mineralizationGeology - Aftermath Silver Ltd.^[8]. The project's strategic location in Chile's Region I, with access to high-voltage power transmission lines, the Pan American Highway, and water rights, further reduces development risksOverview - Aftermath Silver Ltd.^[9]. These factors position Challacollo as a scalable asset in a region known for its mining-friendly infrastructure.

Market Context: A Structural Bull Case for Silver

The current gold-silver ratio of 86:1—a historically high level—suggests silver is undervalued relative to gold, with normalization potential to 40:1 driving long-term price appreciationSilver Price Forecast 2025 — $42/oz Milestone & 45^[10]. Structural supply deficits, declining above-ground inventories, and green energy adoption (which consumed record silver in 2025) reinforce this bullish outlookSilver Price Prediction: Future KAG forecast 2025-2030, 2040 & 2050^[11]. Aftermath's drilling program, therefore, is not just about resource growth but also about positioning the company to benefit from a metal that could see prices exceed $100/oz as the ratio correctsSilver Price Forecasts 2025 | Scottsdale Bullion & Coin^[12].

Conclusion: A Win-Win for Investors

Aftermath Silver's Challacollo Project exemplifies the intersection of strategic exploration timing and resource expansion potential. By leveraging a rising silver market to fund aggressive drilling in a high-grade, infrastructure-rich asset, the company is poised to deliver value through both resource growth and production scalability. As global demand for silver accelerates, Challacollo's expansion could position Aftermath as a key player in the next phase of the silver cycle.