ATEX Updates Mineral Resource Estimate and Acquires Surface Rights

• Updated mineral resource estimate shows 475 million tonnes at 0.88% CuEq indicated and 1.5 billion tonnes at 0.75% CuEq inferred
• B2B Zone identified with 28.4 million tonnes at 1.36% CuEq indicated, accessible from valley floor at 3,800 metres elevation
• Surface rights acquisition covers 14,550 hectares for US$21 million, including water use rights
• Exploration footprint expanded to 16,515 hectares from 3,795 hectares in 2023 through additional claim staking
• Discovery costs reported at US$0.0049 per pound of copper based on 51,000 metres of drilling

ATEX Resources Inc. (TSXV: ATX, OTCQB: ATXRF) is developing the Valeriano Copper-Gold Project in Chile's Atacama Region. The project is located within a mineral belt connecting the El Indio High-Sulphidation Belt to the Maricunga Gold Porphyry Belt. The area hosts several copper-gold porphyry deposits including Filo del Sol (Lundin Mining/BHP), Josemaria (Lundin Mining/BHP), Lunahausi (NGEx Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick).

Updated Mineral Resource Estimate

The updated mineral resource estimate, effective September 1, 2025, shows 475 million tonnes at 0.88% CuEq in the indicated category and 1.5 billion tonnes at 0.75% CuEq in the inferred category. This represents a 24% conversion of mineral resources into the indicated category compared to the 2023 estimate. The resource contains 6.1 billion pounds of copper indicated and 16.7 billion pounds inferred.

The estimate includes 3.8 million ounces of gold indicated and 9.9 million ounces inferred, plus 21.2 million ounces of silver indicated and 56.1 million ounces inferred. Metallurgical testing shows copper and gold recoveries exceeding 95%. The B2B Zone contains 28.4 million tonnes indicated at 1.36% CuEq and 2.6 million tonnes inferred at 1.05% CuEq at a 0.6% copper cut-off grade.

The high-grade porphyry core contains 118 million tonnes indicated at 1.07% CuEq and 161 million tonnes inferred at 1.01% CuEq at a 0.5% cut-off grade. President and CEO Ben Pullinger stated: "We are delighted to confirm that Valeriano ranks amongst the most significant copper discoveries, internationally, within the last decade."

Surface Rights Acquisition and Land Expansion

ATEX signed a binding purchase agreement to acquire 14,550 hectares of surface rights for US$21 million in cash. The property extends over 25 kilometres in length and covers the western portion of Valeriano, extending beyond the southern border and continuing north over Antofagasta Minerals' El Encierro project and Codelco's Torrente exploration project.

The acquisition includes water use rights and eliminates annual land access payments of approximately US$450,000. Existing land access agreements on the property generate revenue for ATEX. Pullinger commented:

"Securing surface rights has historically been one of the most significant challenges to advancing major mining projects globally, and Chile is no different."

Separately, ATEX added Juno claims covering 10,800 hectares to the west and Nueva claims covering 1,920 hectares to the east. The Juno claims host a hyperspectral alteration anomaly consistent with signatures at Valeriano and regional projects. Total exploration holdings increased to 16,515 hectares from 3,795 hectares in 2023.

Phase VI Drilling Programme

Phase VI drilling is scheduled to commence this month with six rigs planned. The programme targets further definition and expansion of the B2B Zone, testing of additional B2B-style targets, and continued expansion of the Valeriano porphyry system. The final Phase V drill hole intersected 2.26% CuEq over 7.5 metres in the B2B Zone.

ATEX will file a NI 43-101 technical report within 45 days of the resource estimate announcement. At the time of executing the surface rights agreement, the company had a cash balance of approximately C$50 million. The company plans to advance exploration activities through the expanded Phase VI drilling programme while continuing to evaluate the potential of the broader district.

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