If You Invested in ATEX Resources Inc (ATXRF)

ATEX Resources Inc. (ATXRF) is a mineral exploration company focused on advancing the Valeriano Copper-Gold Project ("Valeriano" or the "Project") in the Atacama Region of Chile. According to the company’s disclosures, Valeriano is a copper-gold project located within an emerging copper-gold porphyry mineral belt that links the El Indio High-Sulphidation Belt to the south with the Maricunga Gold Porphyry Belt to the north. This emerging corridor, informally referred to as the "Link Belt", hosts several copper-gold porphyry deposits at various stages of development.

ATEX trades on the TSX Venture Exchange under the symbol ATX and on the OTCQB Venture Market in the United States under the symbol ATXRF. The company describes itself as exploring and advancing the Valeriano Copper-Gold Project, with a particular focus on high-grade copper-gold mineralization within a broader porphyry system.

Valeriano Copper-Gold Project

The Valeriano Project is located in Chile’s Atacama Region within the copper-gold porphyry belt that connects the El Indio High-Sulphidation Belt and the Maricunga Gold Porphyry Belt. ATEX notes that this belt hosts several copper-gold porphyry deposits, including Filo del Sol, Josemaria, Lunahausi, La Fortuna and El Encierro, which are at various stages of exploration and development. Within this context, Valeriano is presented as a large copper-gold system with both porphyry-style sulphide mineralization and near-surface gold oxide material.

The company reports an updated independent Mineral Resource Estimate ("MRE") for Valeriano prepared in accordance with Canadian Institute of Mining (CIM) guidelines and National Instrument 43-101 ("NI 43-101"). The MRE, with an effective date of September 1, 2025, and documented in a technical report filed on SEDAR+, outlines copper-gold-silver-molybdenum resources in the sulphide domain and gold-silver resources in the oxide domain. ATEX highlights that the updated MRE includes both Indicated and Inferred resources and that the high-grade components of the resource remain open for potential expansion.

High-Grade B2B Zone and Porphyry System

A central focus of ATEX’s recent work is the B2B Zone, a high-grade breccia zone situated within the broader Valeriano porphyry system. Company news releases describe the B2B Zone as a high-grade copper-gold breccia body that has been intersected in multiple drill campaigns. ATEX reports that this zone has been incorporated into the Mineral Resource Estimate, with tonnages and grades disclosed under NI 43-101, and that it remains open for further expansion.

Drilling results from the B2B Zone, including holes such as ATXD25C and ATXD26B, have returned intervals of copper equivalent (CuEq) grades that the company characterizes as high-grade relative to the broader system. The company emphasizes continuity of mineralization within this zone and notes that Phase V and Phase VI drilling have intersected repeated intervals of breccia-hosted copper and gold mineralization. ATEX also refers to a high-grade porphyry core within the Valeriano system, reported in the MRE as a subset of the overall sulphide resource with higher CuEq grades.

Exploration Strategy and Drill Programs

ATEX describes a multi-phase exploration strategy at Valeriano. Earlier drilling phases (including Phase IV and Phase V) contributed to the updated MRE and helped define both the B2B breccia zone and the high-grade porphyry core. The company states that by the end of Phase V, approximately 51,000 metres of drilling had been completed, which formed the basis for the 2025 Mineral Resource Estimate.

The company has outlined a Phase VI drill program targeting approximately 25,000 metres of directional diamond drilling. According to ATEX, the main objectives of Phase VI include:

• Continuing to define and grow the high-grade B2B Zone.
• Systematically testing new B2B-style high-grade breccia targets to the north and south of the current system.
• Continuing to expand the limits of the Valeriano porphyry system, which the company states remain unconstrained.

News releases describe six diamond drill rigs operating on site as part of Phase VI, with directional drilling techniques used to complete long, targeted holes. ATEX reports that drilling has intersected B2B-style breccia and well-mineralized porphyry, and that a significant portion of assay results from certain holes remains pending in the most recent updates.

Land Position and Surface Rights

ATEX has announced a binding Purchase and Sale Agreement to acquire a strategic surface rights package of approximately 14,550 hectares covering areas from south of the Valeriano Project northward over neighbouring projects, including Antofagasta Minerals’ El Encierro copper-gold exploration project and into Codelco’s Torrente copper exploration project. The company states that these surface rights substantially cover the Valeriano Project and neighbouring properties, and that the package includes associated water use rights.

In addition to the surface rights acquisition, ATEX reports that it has added new exploration claims to the west and east of Valeriano, increasing its exploration footprint in the district. The company notes that certain western claims host a hyperspectral alteration anomaly that has not yet been drill tested and that resembles signatures observed over Valeriano, Torrente and other regional projects.

Regulatory Framework and Technical Reporting

ATEX’s technical disclosures for Valeriano are prepared under Canadian securities regulations for mineral projects. The company states that the Mineral Resource Estimate and supporting technical report were prepared in accordance with NI 43-101 and CIM Definition Standards. Qualified Persons from SRK Consulting (Canada) Inc. and Libertas Metallurgy Ltd. are identified in the company’s news as responsible for the MRE and related technical content, with an internal Qualified Person from ATEX reviewing and approving other scientific and technical information.

The company also emphasizes quality control and quality assurance procedures in its drilling and sampling programs. News releases describe core handling, logging, cutting, sampling, and assay workflows, including the use of ALS laboratories in Chile and Peru for sample preparation and analysis, and note that no data quality problems were indicated by the QA/QC program.

Capital Markets and Trading

ATEX common shares trade on the TSX Venture Exchange in Canada under the symbol ATX. The company has also arranged for its shares to trade in the United States on the OTCQB Market under the symbol ATXRF. ATEX has announced that its common shares became eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC), which the company describes as a step that simplifies trading and can enhance liquidity for U.S. investors.

Corporate Updates and Governance

ATEX has disclosed several corporate developments related to governance, compensation, and organizational structure. These include grants of stock options and restricted share units (RSUs) to employees, officers and directors under the company’s Stock Option Plan and Restricted Share Unit Plan. The company has also reported internal management appointments, such as the promotion of a Country Manager and Vice President of Sustainability and other exploration and operations roles, reflecting a focus on sustainability, community engagement and technical leadership within its South American operations.

ATEX has also reported a change in its financial year-end to December 31 from September 30, stating that this is intended to better align with industry peers and facilitate comparability of financial performance and reporting.

Project Context Within the Link Belt

In its "About ATEX" disclosures, the company consistently situates Valeriano within an emerging copper-gold porphyry belt that connects established mineral belts in Chile. This area, referred to by ATEX as the Link Belt, includes multiple copper-gold porphyry deposits operated or explored by other mining companies. ATEX presents Valeriano as part of this broader district-scale context, with the potential for additional discoveries on its expanded land position, including new B2B-style breccia targets and regional exploration areas identified through geophysical and hyperspectral work.

Risk and Forward-Looking Information

ATEX’s news releases include cautionary notes regarding forward-looking information. These cautionary statements explain that certain comments about potential resource growth, project development, and future exploration results are forward-looking in nature and subject to risks and uncertainties. The company notes that actual results may differ materially from such statements and that neither the TSX Venture Exchange nor its regulation services provider takes responsibility for the adequacy or accuracy of the news releases.