Berenguela's Silver Bonanza: Why Aftermath Silver's High-Grade Discovery Could Ignite a Critical Metals Rally

The recent drilling results from Aftermath Silver's Berenguela deposit in southern Peru have unveiled a striking new chapter in the story of this underappreciated silver project. A jaw-dropping 1,174g/t Ag intercept in an underexplored northern zone, coupled with a 200-meter expansion of the deposit's strike length, has positioned Berenguela as a catalyst for both resource growth and critical metal production. With the global green energy transition driving insatiable demand for silver, copper, and manganese—and the company's revised resource estimate on the horizon—investors should act now to secure exposure to this high-potential asset.

The 1,174g/t Intercept: A Game-Changer for Resource Growth

The Phase 2 drill program's star result—7.1 meters of 1,174g/t silver in hole AFD130—marks a breakthrough in the previously untested northern regions of the deposit. This intercept, which also returned 11.14% manganese and 0.80% copper, underscores the potential of the central north and far eastern ridge zones. These areas had been overlooked in the 2023 resource model, creating a “strike gap” that the new drilling has now closed. By extending the deposit's strike length to 1,550 meters, Aftermath has effectively erased a 100-meter void in the geological model, paving the way for a substantial upgrade to its resource estimates.

The implications are clear: Berenguela is not just a silver deposit. It's a multi-metal treasure trove. The manganese grades in the far eastern ridge—11.39% in hole AFD123—are particularly notable, as battery-grade manganese sulfate is a critical component of lithium-ion batteries. With metallurgical tests already achieving 99.9% pure manganese, Aftermath is primed to supply a metal that's expected to see 40% annual demand growth through 2030 for EV and energy storage systems.

Why This Matters Now: The Silver Supply Crunch

The world is in the grip of a silver supply deficit, with four consecutive years of shortages and a cumulative shortfall of 678 million ounces since 2021. Meanwhile, industrial demand is soaring. Solar panels using advanced TOPCon technology require 50% more silver per unit, and EVs now consume 50% more silver than conventional cars. By 2030, solar could demand 300 million ounces annually, while EVs could use 90 million ounces—a combined 390 million ounces, up from 290 million today.

Yet global silver production grew by less than 1% in 2024, leaving a projected 117.6 million ounce deficit in 2025. Berenguela's high-grade silver intercepts—322g/t over 35.55 meters in AFD130 and 302g/t over 12.35 meters in AFD129—position it to plug this gap. The deposit's proximity to infrastructure—roads, rail, and the Port of Matarani—ensures low development costs, while its open-pittable nature reduces capital risks.

The Catalyst on the Horizon: Revised Resource Estimate

Aftermath is now incorporating these results into a revised resource estimate, which could convert significant inferred resources to the indicated or measured categories. Historically, this process has been a goldmine for investors. Consider that First Majestic Silver's 88% production surge in Q1 2025 came from integrating new acquisitions into its resource base. Similarly, Berenguela's expanded strike length and high-grade zones could boost its silver resource by tens of millions of ounces, potentially catapulting the project into feasibility studies for a mine.

The Investment Case: Timing Is Everything

The market is already pricing in the potential. Silver mining stocks have outperformed the metal itself in 2025, rising 37% year-to-date versus silver's 17% gain. This leverage effect is a hallmark of early-stage projects like Berenguela, where discoveries amplify shareholder returns.

But the window to act is narrowing. Once the revised resource estimate is released—expected by year-end—the stock could surge on upgraded valuations. Investors who wait risk missing the rally.

Final Take: A Silver Lining in a Tight Market

Aftermath Silver's Berenguela deposit is a triple-threat asset: it hosts world-class silver grades, delivers critical manganese and copper for the clean energy economy, and sits in a jurisdiction with world-class infrastructure. With the revised resource estimate imminent and global silver demand set to explode, this is a rare opportunity to own a project that can both capitalize on the supply crunch and fuel the green transition.

Action Item: Position ahead of the resource update. Berenguela isn't just a silver play—it's a critical metals powerhouse.