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Aftermath Silver (TSE:AAG)
:AAG

Aftermath Silver (AAG) AI Stock Analysis

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TSE:AAG

Aftermath Silver

(AAG)

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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
C$1.00
▼(-5.66% Downside)
Action:ReiteratedDate:02/01/26
Overall score is pressured primarily by the pre-revenue financial profile with widening losses and accelerating cash burn, implying continued reliance on external funding. Technical indicators also lean weak (below 20/50DMA with low RSI/Stoch) and volatility is elevated (high beta). The key support is a cleaner balance sheet with minimal debt and a meaningful equity base.
Positive Factors
Low leverage / improved balance sheet
Minimal debt materially reduces solvency and interest burden risk, giving the company structural financial flexibility. For a pre-revenue explorer, low leverage preserves optionality to pursue project work, partner deals, or capital raises without immediate debt-servicing constraints.
Sizeable equity base
A meaningful equity base provides a durable capital buffer to fund ongoing exploration and absorb operating losses longer term. It improves credibility with partners and investors, enabling non-debt funding routes and reducing near-term insolvency risk while projects advance.
Focused exploration strategy
A concentrated strategy in silver exploration in Chile yields domain expertise and operational focus, improving the odds of efficient target generation and resource definition. Geographic and commodity focus supports repeatable processes and clearer partnership or JV opportunities.
Negative Factors
No operating revenue
Absence of revenues makes the business wholly dependent on exploration success and external capital. Without sales, profitability and cash generation are unattainable, increasing structural funding risk and making long-term project advancement contingent on non-operational financing events.
High and worsening cash burn
Sustained negative operating and free cash flow means recurring reliance on external funding to continue exploration and corporate activity. Over months, heavy burn raises dilution risk, compresses strategic options, and can force project slowdowns or asset sales if capital markets tighten.
Widening net losses
Rapidly increasing net losses indicate rising costs without offsetting revenue or milestone monetization. Persistently larger deficits erode returns potential, increase the urgency of financing, and may lead to operational reprioritization that delays resource definition and value realization.

Aftermath Silver (AAG) vs. iShares MSCI Canada ETF (EWC)

Aftermath Silver Business Overview & Revenue Model

Company DescriptionAftermath Silver Ltd., an exploration stage company, acquires, explores, and develops mineral properties. The company explores for silver, gold, and copper deposits. It holds interests in the Cachinal and Challacollo property located in Chile; and Berenguela property located in Puno, Peru. The company was formerly known as Full Metal Zinc Ltd. and changed its name to Aftermath Silver Ltd. in April 2014. Aftermath Silver Ltd. was incorporated in 2011 and is headquartered in Vancouver, Canada.
How the Company Makes MoneyAftermath Silver makes money primarily through the exploration and development of silver mining properties, which can lead to revenue generation through several channels. The company invests in early-stage mining projects with the goal of increasing their value over time by conducting geological assessments, exploration drilling, and feasibility studies. Once a project is sufficiently developed, Aftermath Silver can generate revenue through selling or leasing mining rights, entering joint venture agreements with larger mining companies, or eventually moving into production to directly sell extracted silver. Additionally, strategic partnerships and financing activities, such as issuing new shares or securing investment from stakeholders, play a significant role in supporting operational and exploration activities.

Aftermath Silver Financial Statement Overview

Summary
Financial profile is weak: the company reports no revenue, losses widened materially in TTM (net loss ~-15.0M vs ~-7.1M in FY2024), and cash burn is heavy and worsening (operating cash flow ~-12.6M TTM; free cash flow ~-17.6M). The main offset is improved solvency with minimal debt (~108K TTM) and a meaningful equity base (~36.7M).
Income Statement
12
Very Negative
The company reports no revenue across all periods provided, and profitability remains deeply negative. Losses widened meaningfully in TTM (Trailing-Twelve-Months) (net loss of ~-15.0M) versus FY2024 (~-7.1M), indicating rising cost structure without an offsetting ramp in sales. Margins are effectively non-supportive given the lack of revenue and persistent operating losses, which keeps the income profile highly speculative and dependent on future project progress rather than current operations.
Balance Sheet
58
Neutral
Balance sheet leverage has improved significantly: total debt is minimal in TTM (Trailing-Twelve-Months) (~108K) and was zero in FY2025, a major positive versus FY2023–FY2024 when debt was ~6.7–7.4M. Equity remains sizeable (~36.7M in TTM (Trailing-Twelve-Months)), supporting solvency, though returns on equity are materially negative due to ongoing losses. Total assets declined from FY2025 (~41.6M) to TTM (Trailing-Twelve-Months) (~38.0M), suggesting some balance sheet consumption over time despite low leverage.
Cash Flow
22
Negative
Cash burn is heavy and trending worse: operating cash flow was ~-12.6M in TTM (Trailing-Twelve-Months) versus ~-11.3M in FY2025 and ~-5.4M in FY2024. Free cash flow is also meaningfully negative (TTM (Trailing-Twelve-Months) ~-17.6M), indicating continued funding needs. While free cash flow is greater than net loss in TTM (Trailing-Twelve-Months) (reflecting non-cash expenses), the business still lacks internally generated cash and will likely rely on external capital until revenues materialize.
BreakdownTTMAug 2025Aug 2024Aug 2022May 2022May 2021
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-14.41K-14.68K-2.84M-16.80K-6.45K0.00
EBITDA-14.94M-14.01M-5.26M-5.44M-6.56M-6.26M
Net Income-14.97M-14.16M-7.12M-8.50M-10.05M-6.13M
Balance Sheet
Total Assets38.01M41.56M32.13M32.27M28.08M36.93M
Cash, Cash Equivalents and Short-Term Investments9.92M13.71M4.33M4.09M2.83M11.74M
Total Debt108.34K0.007.36M6.71M268.36K507.96K
Total Liabilities1.27M5.19M8.22M7.20M9.55M10.77M
Stockholders Equity36.75M36.37M23.92M25.06M18.53M26.16M
Cash Flow
Free Cash Flow-17.57M-11.32M-5.42M-6.89M-8.96M-9.04M
Operating Cash Flow-12.56M-11.31M-5.41M-5.68M-5.89M-3.82M
Investing Cash Flow-11.60M-9.40M-135.23K-5.21M-3.07M-5.22M
Financing Cash Flow11.44M24.99M5.78M12.16M47.55K17.81M

Aftermath Silver Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price1.06
Price Trends
50DMA
1.08
Negative
100DMA
0.93
Positive
200DMA
0.86
Positive
Market Momentum
MACD
0.02
Negative
RSI
48.53
Neutral
STOCH
78.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AAG, the sentiment is Neutral. The current price of 1.06 is above the 20-day moving average (MA) of 1.05, below the 50-day MA of 1.08, and above the 200-day MA of 0.86, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 48.53 is Neutral, neither overbought nor oversold. The STOCH value of 78.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:AAG.

Aftermath Silver Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
56
Neutral
C$211.06M-11.19-50.60%-235.10%
50
Neutral
C$298.36M-59.63-6.09%8.28%87.46%
50
Neutral
C$34.39M-31.93-1.67%
44
Neutral
C$331.57M-21.37-52.22%-60.82%
44
Neutral
C$231.04M-14.47-18.35%
42
Neutral
C$37.68M-7.8342.57%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:AAG
Aftermath Silver
0.98
0.44
81.48%
TSE:BHS
Bayhorse Silver
0.11
0.05
90.91%
TSE:AGX
Silver X Mining
1.04
0.88
550.00%
TSE:GRSL
GR Silver Mining
0.41
0.21
105.00%
TSE:SLV
Silver Dollar Resources
0.44
0.19
76.00%
TSE:VROY
Vizsla Royalties Corp
3.45
1.58
84.49%

Aftermath Silver Corporate Events

Business Operations and StrategyExecutive/Board Changes
Aftermath Silver Ramps Up Investor Outreach and Grants New Stock Options
Positive
Feb 24, 2026

Aftermath Silver has moved to expand its market visibility by signing short-term investor relations and marketing agreements with O&M Partners, Torrey Hills Capital and Kitco Media, all of which are arm’s length firms with no current equity interest in the company. The mandates cover broadcasting, news distribution, investor outreach, roadshows and a multimedia advertising campaign designed to build a broader investor audience.

In tandem with the new promotional push, the company has approved the grant of 7,450,000 stock options to directors, officers and employees, plus an additional 150,000 options to Feneck Consulting Group under a prior IR mandate, all exercisable at C$1.10 for five years, subject to regulatory approval. The combination of enhanced investor relations spending and substantial option awards underscores Aftermath Silver’s focus on capital markets engagement and long-term equity-based incentives for management and advisers.

The most recent analyst rating on (TSE:AAG) stock is a Sell with a C$1.00 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and Strategy
Aftermath Silver Taps DRA Global to Lead Berenguela Pre‑Feasibility Study in Peru
Positive
Feb 19, 2026

Aftermath Silver has appointed engineering group DRA Global to lead the preliminary feasibility study for its Berenguela silver‑copper‑manganese project in southern Peru, marking a key step toward a future construction decision. The mandate follows a competitive selection process that weighed technical capability, regional experience and alignment with the company’s development strategy.

DRA’s strong track record in Peru and globally, including work on major mines such as Quellaveco and Las Bambas, is expected to support efficient study execution and permitting within Peruvian regulations. The firm will be supported by SENET, whose hydrometallurgical expertise will be used to optimize the project’s processing flowsheet and recoveries, positioning Berenguela to benefit from rising demand and strategic importance of silver, copper and high‑purity manganese in the energy transition and EV supply chains.

The most recent analyst rating on (TSE:AAG) stock is a Sell with a C$0.80 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Aftermath Silver Advances Berenguela Project With New Pre‑Feasibility Study
Positive
Feb 12, 2026

Aftermath Silver has launched a Pre‑Feasibility Study for its Berenguela silver‑copper‑manganese project in southern Peru, advancing the asset toward a production decision following a C$20 million equity raise and a successful 82‑hole infill drilling program in 2025. The updated resource, which outlines 122.5 million ounces of silver and 717.1 million pounds of copper in measured and indicated categories, has improved geological confidence and underpins Berenguela as a cornerstone asset, while concurrent drilling at Berenguela and the Challacollo project is intended to maintain exploration momentum and support the company’s growth strategy.

The move into pre‑feasibility signals a transition from exploration to project evaluation for Aftermath Silver, potentially enhancing its positioning among junior silver and critical metals developers if the study confirms robust economics. With a strengthened balance sheet and a pipeline of advanced projects in Peru and Chile, the company is seeking to de‑risk Berenguela and build a broader platform for future production, which could have material implications for its valuation and attractiveness to investors and strategic partners.

The most recent analyst rating on (TSE:AAG) stock is a Sell with a C$0.98 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Aftermath Silver Strengthens Leadership and Incentive Structure as Berenguela Enters Key De-Risking Phase
Positive
Feb 2, 2026

Aftermath Silver has appointed veteran mining engineer Danny Keating as Chief Operating Officer, bolstering its operational leadership as the Berenguela silver-copper-manganese project in Peru enters an intensive phase of technical evaluation and de-risking. Former COO Michael Parker moves into the role of Technical Director to lead the Peruvian team and oversee the company’s Chilean exploration programs at Challacollo and Cachinal, while an active drilling campaign continues at Berenguela and nearby targets to advance engineering studies and demonstrate project economics. In parallel, the company has adopted a TSX Venture-approved 10% fixed stock option plan, enabling the grant of up to 33,785,972 options to align management and eligible participants with the company’s growth strategy.

The most recent analyst rating on (TSE:AAG) stock is a Hold with a C$0.94 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Aftermath Silver Updates Berenguela Resource, Advances Toward Feasibility in Peru
Positive
Jan 16, 2026

Aftermath Silver has filed a new NI 43-101 technical report for its Berenguela silver-copper-manganese project in Peru, outlining an updated mineral resource estimate constrained by an optimized open-pit shell and highlighting high-purity manganese sulphate monohydrate as the primary economic driver. The company plans to move into advanced engineering work in 2026 to commercialize process flowsheets for silver, copper, zinc and potential battery-grade manganese sulphate, positioning Berenguela as a possible future supplier to both traditional metals markets and the battery materials sector, and marking a key de-risking step toward a potential preliminary feasibility study.

The most recent analyst rating on (TSE:AAG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and StrategyM&A Transactions
Aftermath Silver Secures Full Ownership of Flagship Berenguela Project in Peru
Positive
Jan 5, 2026

Aftermath Silver has completed the acquisition of a 100% interest in the Berenguela silver-copper-manganese project in Peru from SSR Mining, consolidating full ownership of its flagship asset and reinforcing its strategy to become a producer of silver and critical minerals. With Berenguela and the Challacollo silver project in Chile now fully owned, the company is advancing Phase 3 drilling and engineering studies at Berenguela to convert resources, test high-grade exploration targets and define initial mining areas, positioning itself as a prominent silver development company with potential to supply key co-products copper and manganese to the battery and critical metals markets.

The most recent analyst rating on (TSE:AAG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Aftermath Silver stock, see the TSE:AAG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Aftermath Silver Raises $20 Million to Advance Berenguela and Project Pipeline
Positive
Dec 23, 2025

Aftermath Silver has closed a brokered, best-efforts private placement of 22,222,250 common shares, raising gross proceeds of approximately $20 million, with participation from notable investor Eric Sprott. Conducted under the listed issuer financing exemption, the offering provides freely tradable shares in Canada and remains subject to final TSX Venture Exchange approval, while a related party acquired a significant portion of the shares under exemptions from valuation and minority approval rules. Net proceeds will be directed toward further exploration and development at the flagship Berenguela silver-copper-manganese project in Peru, completion of a pre-feasibility study there, additional work on the company’s other mineral assets, and general working capital, strengthening Aftermath’s financial position to advance its project pipeline.

Business Operations and StrategyPrivate Placements and Financing
Aftermath Silver Expands Financing to $20 Million with Eric Sprott’s Participation
Positive
Dec 15, 2025

Aftermath Silver Ltd. has announced an increase in its brokered private placement offering to $20 million due to strong investor demand, with significant participation from Eric Sprott. The funds will be used for exploration and development at the Berenguela Project in Peru, completing a pre-feasibility study, and other corporate purposes, potentially enhancing the company’s project pipeline and market positioning.

Business Operations and StrategyPrivate Placements and Financing
Aftermath Silver Secures $15 Million for Project Expansion
Positive
Dec 15, 2025

Aftermath Silver Ltd. has announced a $15 million brokered private placement offering, with significant participation from Eric Sprott. The proceeds will be used for exploration and development at the Berenguela Silver-Copper-Manganese project in Peru, completion of a pre-feasibility study, and general corporate purposes. This strategic move is expected to enhance the company’s operational capabilities and strengthen its position in the silver and critical metals industry.

Business Operations and Strategy
Aftermath Silver Expands Drilling Operations in Peru and Chile
Positive
Dec 10, 2025

Aftermath Silver Ltd. has commenced a significant drilling campaign at its Berenguela project in Peru and started drilling at the Challacollo project in Chile. The Berenguela project aims to explore high-grade copper areas and upgrade resource classifications, while Challacollo focuses on expanding its silver-gold resource. These efforts are strategically timed with the increasing prices of silver and copper, potentially enhancing Aftermath Silver’s market position and resource valuation.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 01, 2026