Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) earlier this week announced the formal launch of a pre-feasibility study (PFS) for its Berenguela project in Peru, marking a significant step forward in the project’s development timeline.
CEO Ralph Rushton said the company had originally been working toward a preliminary economic assessment but determined that much of the work completed over the past year was already at PFS standard.
As a result, the company decided to bypass the PEA stage entirely. Rushton stated that the decision would “save time and most likely save money as well,” while accelerating progress toward a more advanced technical evaluation.
The PFS will be underpinned by a revised mineral resource estimate released in December and formalized in January. Rushton indicated that another update may be completed before the study is finalized, as additional drilling is ongoing.
An 82-hole infill drilling program completed in 2025 intersected mineralization in approximately 95% of holes, providing additional confidence in the resource base feeding into the study.
Rushton explained that a PFS requires detailed analysis of infrastructure, plant layout, land requirements and logistics.
“You really need to have a very clear understanding where the project’s going to be built, where the infrastructure is going to be,” he said, highlighting the advanced technical level of the study.
The company has already engaged with rail authorities in Peru and visited local port facilities, signalling early logistical planning. Much of the metallurgical process work has been completed and the fundamentals of mine design are already underway. Rushton identified logistics, infrastructure and plant location as key remaining workstreams.
Completion of the PFS is targeted within 12 months, providing a potential near-term catalyst as the study advances through 2026.
Beyond Berenguela, Aftermath Silver is also preparing to recommence drilling at its Challacollo project in Chile, where the objective is to demonstrate resource expansion potential. While equipment delays have slowed the start of drilling, Rushton confirmed that a new drill machine is expected on site.
