ATEX Resources Increases Bought Deal Financing to C$96 Million for Valeriano Project

• ATEX Resources increased its bought deal financing from C$85 million to C$96 million on 23 October 2025, one day after the initial 22 October announcement, issuing 36.75 million units at C$2.60 per unit.
• Each unit consists of one common share and one warrant exercisable at C$4.00 for four years, with an acceleration provision if shares trade above C$5.00 for 20 consecutive days after 12 months.
• The offering is led by BMO Capital Markets as sole bookrunner and Desjardins Capital Markets as co-lead, with underwriters holding a 15% over-allotment option.
• Net proceeds will fund exploration and development at the Valeriano Copper-Gold Project in Chile's Atacama Region and general working capital.
• Closing is scheduled for approximately 6 November 2025, subject to regulatory approvals, with securities subject to a four-month hold period.

ATEX Resources Inc. (TSXV: ATX) is a minerals exploration company focused on the Valeriano Copper-Gold Project located in Chile's Atacama Region. The project sits within a mineral belt that connects the El Indio High-Sulphidation Belt and the Maricunga Gold Porphyry Belt, an area informally called the Link Belt. Valeriano contains an Indicated Resource of 475 million tonnes at 0.88% copper equivalent and an Inferred Resource of 1,511 million tonnes at 0.75% copper equivalent, as reported in September 2025.

Bought Deal Financing Announcement and Upsize to C$96 Million

ATEX Resources announced a bought deal private placement on 22 October 2025 for gross proceeds of approximately C$85 million through 32.7 million units priced at C$2.60 per unit. The company entered into an agreement with BMO Capital Markets and Desjardins Capital Markets on behalf of a syndicate of underwriters, who agreed to purchase the entire offering. The following day, 23 October 2025, ATEX announced an increase in the offering size to 36.75 million units, raising total gross proceeds to approximately C$96 million. The upsize represents an additional 4.05 million units beyond the initial amount.

Under the bought deal arrangement, the underwriters committed to purchase all units at the agreed price, with the securities offered through private placement exemptions across Canadian provinces and territories. The units may also be sold in the United States and other jurisdictions pursuant to applicable exemptions from registration requirements. BMO Capital Markets serves as sole bookrunner, with Desjardins Capital Markets acting as co-lead for the syndicate.

The underwriters will receive a cash fee of 5% of gross proceeds from the offering, including any over-allotment exercise, with the fee reduced to 2% for certain purchasers on a president's list agreed between the company and underwriters. The underwriters have an option to offer up to an additional 15% of securities to cover over-allotments, exercisable up to 48 hours before closing.

Unit Structure and Warrant Terms with Acceleration Rights

Each unit comprises one common share and one warrant. The warrants are exercisable to acquire one common share at C$4.00 per share for four years from the closing date. The C$4.00 exercise price represents a 54% premium to the C$2.60 unit price. If all 36.75 million warrants are exercised, the company would receive additional gross proceeds of C$147 million.

ATEX holds an acceleration right that allows the company to shorten the warrant expiry date under specific conditions. Beginning 12 months after closing, ATEX can accelerate maturity if common shares trade on the exchange at a volume-weighted average price above C$5.00 for 20 consecutive trading days. The company would execute this right through an acceleration notice delivered to warrant holders, with the notice period being no earlier than 20 business days following receipt by the holder.

The securities issued under the offering will be subject to a hold period of four months and one day from the closing date. This means the securities cannot be traded until this restriction period expires, which would be approximately early March 2026 based on the expected 6 November 2025 closing date.

Use of Proceeds for Valeriano Project Exploration and Development

ATEX intends to use net proceeds from the offering for exploration and development of the Valeriano Project and general working capital purposes. The Valeriano Project is located in the Atacama Region of Chile and contains copper, gold, silver and molybdenum mineralisation. The project's current mineral resource, reported on 23 September 2025, shows Indicated Resources of 475 million tonnes grading 0.58% copper, 0.25 grams per tonne gold, 1.39 grams per tonne silver and 70.4 grams per tonne molybdenum at a 0.35% copper cut-off grade.

The Inferred Resource category contains 1,511 million tonnes grading 0.50% copper, 0.20 grams per tonne gold, 1.16 grams per tonne silver and 70.6 grams per tonne molybdenum at the same cut-off grade. Both resource categories are expressed as copper equivalent grades of 0.88% and 0.75% respectively, which account for the economic contribution of all metals present.

The Link Belt area where Valeriano is situated includes several other copper-gold porphyry deposits. The geological setting and proximity to other projects may influence exploration strategies at Valeriano, though specific exploration plans have not been detailed in these announcements.

Looking Ahead

The offering is scheduled to close on or about 6 November 2025, subject to conditions including receipt of regulatory and other approvals, notably from the TSX Venture Exchange. Following closing, the securities will be subject to a four-month and one-day hold period before becoming freely tradable. The company has not disclosed specific timelines for exploration activities or drilling programmes in these announcements.

The underwriters' 15% over-allotment option, if exercised, could increase the total offering size. The warrant acceleration provision means the company has the option to trigger early warrant exercise beginning 12 months post-closing if share price conditions are met. These securities transactions are offered under private placement exemptions and have not been registered under U.S. securities laws.