ATX.TO · 2025-11-03 12:00:00

ATEX Announces Filing of Technical Report for Valeriano Project on Updated Mineral Resource Estimate

Resource Estimates Technical Reports (NI 43-101)

ATEX Announces Filing of Technical Report

for Valeriano Project on Updated Mineral

Resource Estimate

Toronto, Ontario--(Newsfile Corp. - November 3, 2025) -

ATEX Resources Inc. (TSXV: ATX)

(OTCQB: ATXRF)

ATEX

" or the "

Company

") is pleased to announce, further to its news release

dated September 23, 2025, it has filed an independent technical report (the "

Technical Report

containing an updated mineral resource estimate ("

MRE

") on the Company's Valeriano copper-gold

project ("

Valeriano

" or the "

Project

") located in the Atacama Region, Chile. The Technical Report has

an effective date of November 3, 2025, and was prepared in accordance with National Instrument 43-

101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The Technical Report can be found under the Company's profile on SEDAR+ (

www.sedarplus.ca

) and is

also available on the Company's website (

www.atexresources.com

HIGHLIGHTS OF MRE INCLUDE

A higher confidence, globally significant copper-gold-silver Mineral Resource:

Higher confidence Indicated Resource estimate of

475 million tonnes ("Mt")

0.88%

copper equivalent

("CuEq")

(0.58% copper ("Cu"), 0.25 g/t gold ("Au"), 1.39 g/t silver ("Ag")

and 70.4 g/t molybdenum ("Mo")) at a cut-off grade of 0.35% Cu.

Inferred Mineral estimate of

1,511 Mt

0.75% CuEq

(0.50% Cu, 0.20 g/t Au, 1.16 g/t Ag

and 70.6 g/t Mo) at a cut-off grade of 0.35% Cu.

High-grade components of MRE remain open for expansion:

Initial B2B Zone

Mineral Resource

estimate of

28.4 Mt

in the

Indicated

category at a

grade of

1.36% CuEq

(0.95% Cu, 0.33 g/t Au, 1.98 g/t Ag and 134 g/t Mo) and

2.6 Mt

Inferred

at a grade of

1.05% CuEq

(0.74% Cu, 0.28 g/t Au, 1.74 g/t Ag and 22 g/t Mo) at a

0.6% Cu cut-off grade

First drill hole results

from the current

Phase VI drill program

, in ATXD25C testing the

B2B Zone, reported

record results exceeding the average grade estimated in the

MRE

ATXD25C intersected

164 metres

") of

2.72%

CuEq

(1.69% Cu, 0.97 g/t Au)

including

86m

3.77% CuEq

(2.28% Cu, 1.41 g/t Au) and

40m

4.73% CuEq

(2.76% Cu, 1.88 g/t Au).

High-Grade Indicated Porphyry Core

118 Mt at 1.07% CuEq

(0.68% Cu, 0.35 g/t Au,

1.74 g/t Ag and 42.8 g/t Mo), and

161 Mt of Inferred at 1.01% CuEq

(0.63% Cu, 0.34 g/t

Au, 1.88 g/t Ag, 37.6 g/t Mo), demonstrating high continuity at a 0.5% cut-off grade.

Industry leading, low discovery costs

$0.0049/lb

Over

500,000 ounces

of Inferred

gold

oxide material

at surface

at a grade of

0.36 g/t AuEq

(0.35 g/t Au, 1.34 g/t Ag) presents

future exploration

and

upside potential

Continuing potential to grow Valeriano Mineral Resource in Phase VI drilling

- six diamond

drill rigs currently active on site. A primary objective of Phase VI is to further define the high-grade

B2B Zone which has the potential to significantly expand the volume of high-grade mineralization at

Valeriano.

MINERAL RESOURCE ESTIMATE

The following table sets out the updated MRE for the Valeriano Project, with an effective date of

September 1, 2025.

Table 1: Mineral Resource Estimate, Valeriano Project, Atacama Region, Chile

Category

COG

Tonnes

(Mt)

Grade

Contained Metal

CuEq

AuEq

CuEq

AuEq

(%)

(g/t)

(%)

(g/t)

(Mt)

(koz)

(kt)

(Mt)

(koz)

Gold

Oxide

Measured

Indicated

Inferred

0.16 g/t Au

0.35

1.34

0.36

531

2,028

543

Copper -

Gold

Sulphide

Measured

Indicated

0.35% Cu

475

0.58

0.25

1.39

70.4

0.88

2.75

3,822

21,222

4.17

Inferred

0.35% Cu

1,511

0.50

0.20

1.16

70.6

0.75

7.54

9,896

56,126

107

11.30

Notes to accompany the Mineral Resource Estimate

(1) The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is David Machuca-Mory , PhD, PEng, from SRK

Consulting (Canada) Inc., and the effective date is September 1, 2025.

(2) Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition

Standards on Mineral Resources and Mineral Reserves.

(3) Reasonable prospects of eventual economic extraction were considered by applying appropriate cut-off grades and reporting within potentially

mineable envelopes.

(4) Metal prices considered were US$2,750 /oz Au, US$3.80 /lb Cu, US$27.00 /oz Ag, and US$22.00 /lb Mo.

(5) Cut-off grades considered for oxide and sulphide block model estimates were, respectively, 0.16 g/t Au and 0.35% Cu.

(6) Metallurgical recoveries used for open pit oxides based on Coarse Bottle Roll and CIL Leach test work are 76.0% for gold and 50.0% for silver.

(7) Metallurgical recoveries used for underground sulphides based on initial flotation tests was 94.0% for copper, 95.0% for gold, 80.0% for silver,

and 64.0% for molybdenum.

(8) Au-Ox epithermal Mineral Resource estimates are reported within a conceptual pit optimized with a slope angle of 45° and assuming US$2.43/t

for mining costs, US$5.45/t for processing costs, and US$1.31/oz for gold selling costs.

(9) Cu-Au porphyry related Mineral Resource Estimates are reported assuming bulk underground extraction techniques within an envelope around

40m x 40m x 40m mineable shapes above a cut-off of 0.30% Cu.

(10) Tonnage is expressed in millions of tonnes; metal content is expressed in thousands of ounces, for gold and silver, millions of tonnes, for

copper, and thousands of tonnes for molybdenum.

(11) All figures rounded to reflect the relative accuracy of the estimates and totals may not add up due to rounding.

(12) Gold Equivalent (AuEq) is calculated assuming US$27/oz Ag and US$2,750/oz Au and metallurgical recoveries of 76% for Au and 50% for Ag

using the formula AuEq g/t = Au g/t + 0.005856 * Ag g/t).

(13) Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries

of 94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t

/10000) + (3.5790963 * Mo g/t /10000).

Qualified Person

The Qualified Persons for the Technical Report are Mr. Glen Cole and Dr. David Machuca from SRK

Consulting (Canada) Inc. and Mr. David Middleditch from Libertas Metallurgy Ltd., as defined by National

Instrument 43-101.

Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, a qualified person (as

defined by NI 43-101) has reviewed and approved of the other scientific and technical information

contained in the Technical Report. Mr. Pullinger is not considered independent under NI 43-101 as he is

President and CEO of ATEX.

About ATEX

ATEX is exploring the Valeriano Copper-Gold Project which is located within the emerging copper gold

porphyry mineral belt linking the prolific El Indio High-Sulphidation Belt to the south with the Maricunga

Gold Porphyry Belt to the north, located in the Atacama Region, Chile. This emerging belt, informally

referred to as the Link Belt, hosts several copper gold porphyry deposits at various stages of

development including, Filo del Sol (Lundin Mining/BHP), Josemaria (Lundin Mining/BHP), Lunahausi

(NGEx Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick).

Valeriano hosts a large, high-grade, copper-gold porphyry Mineral Resource: an Indicated Resource of

475 Mt at 0.88% CuEq (0.58% Cu, 0.25 g/t Au, 1.39 g/t Ag and 70.4 g/t Mo) at a cutoff grade of 0.35%

Cu, and an Inferred resource of 1,511 Mt at 0.75% CuEq (0.50% Cu, 0.20 g/t Au, 1.16 g/t Ag and 70.6

g/t Mo) at a cut-off grade of 0.35% Cu, as reported on September 23, 2025.

For further information, please contact:

Ben Pullinger,

President and CEO

Email:

[email protected]

Aman Atwal,

Vice President, Business Development and Investor Relations

Email:

[email protected]

1-647-398-9405

or visit ATEX's website at

www.atexresources.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements, including predictions, projections, and

forecasts. Often, but not always, forward-looking statements can be identified by the use of words such

as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates",

"forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation

of such words and phrases or state that certain actions, events or results "may", "could", "would", "might"

or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks,

future events, conditions, uncertainties and other factors which may cause the actual results,

performance or achievements to be materially different from any future results, prediction, projection,

forecast, performance or achievements expressed or implied by the forward-looking statements.

Such forward-looking statements include, among others: statements regarding the further growth and

expansion of the MRE; statements regarding plans for the evaluation of exploration properties including

the Valeriano Copper Gold Project; the success of evaluation plans; the success of exploration activities

especially to the significant expansion of the high-grade corridor; mine development prospects; potential

for future metals production; changes in economic parameters and assumptions; all aspects related to

the timing and extent of exploration activities, including the Phase VI program contemplated in this press

release; timing of receipt of exploration results; the interpretation and actual results of current exploration

activities and mineralization; changes in project parameters as plans continue to be refined; the results

of regulatory and permitting processes; future metals price; possible variations in grade or recovery

rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the

mining industry; the results of economic and technical studies; delays in obtaining governmental and

local approvals or financing or in the completion of exploration; timing of assay results; as well as those

factors disclosed in ATEX's publicly filed documents.

Although ATEX has attempted to identify important factors that could cause actual actions, events or

results to differ materially from those described in forward-looking statements, there may be other factors

that cause actions, events or results not to be as anticipated, estimated or intended. There can be no

assurance that forward-looking statements will prove to be accurate, as actual results and future events

could differ materially from those anticipated in such statements. Accordingly, readers should not place

undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its regulation services provider has reviewed or

accepts

responsibility for the adequacy or accuracy of the content of this news release.

See news release titled "ATEX Reports Updated Mineral Resource Estimate of 475 Million Tonnes of 0.88% CuEq Indicated and 1.5 Billion

Tonnes of 0.75% CuEq Inferred", reported on September 23, 2025.

See news release titled "ATEX Drills New Highest-Grade Intercept in First Phase VI Drill Hole Hitting 164 Meters of 2.72% CuEq Including 40

meters of 4.73% CuEq in the B2B Zone", reported on October 21, 2025.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/273052

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