ATX.TO · 2025-07-30 12:00:00

ATEX Completes Phase V Program Ending in High-Grade B2B Mineralization - Strategic Objectives Achieved with Resource Update Expected in 2H 2025 Phase VI to Target New High-Grade Breccia and Regional Targets

Drill Results Resource Estimates

ATEX Completes Phase V Program Ending in

High-Grade B2B Mineralization - Strategic

Objectives Achieved with Resource Update

Expected in 2H 2025

Phase VI to Target New High-Grade Breccia and Regional

Targets

Toronto, Ontario--(Newsfile Corp. - July 30, 2025) -

ATEX Resources Inc.

(

TSXV: ATX

) ("

ATEX

" or

the "

Company

") is pleased to announce assay results for ATXD25C, ATXD27B and ATXD28,

representing the final three drill holes in the Phase V drill program, concluding the most successful

campaign at the Valeriano Copper-Gold Project ("

Valeriano

" or the "

Project

"), located in the Atacama

Region, Chile. ATEX plans to begin its Phase VI drill program as early as September with more details

to be provided closer to program commencement.

"The results from our Phase V drill program represent the best we've ever seen at Valeriano,

delivering exceptional copper and gold grades and confirming the scale and continuity of the system,"

Ben Pullinger, President and CEO, commented.

"These results not only validate and improve our

geological model but also set a strong foundation for the upcoming Phase VI program, which is

currently in progress with an expected start in September allowing for an extended drill season and

increased metres completion. A key priority will be defining the geometry and understanding the

structural controls of the high-grade breccias, while also stepping out to test new, high-potential targets

supported by our evolving geological model. We plan to release an updated Mineral Resource

Estimate later this year which will encompass drilling from Phase IV (totaling ~12,000m) and Phase V

(totaling ~16,600m) which delivered stronger results than the previous drill campaigns. The update will

also incorporate improved metallurgical recoveries as outlined in our second metallurgical program

ATEX is well positioned to build on the Phase V momentum and unlock further upside as we continue

to advance and de-risk the project."

Highlights include:

ATXD25C

, testing a potential link between the B2B breccia and the high-grade bornite zone in

hole ATXD25A, intersected

138 metres (

) of 0.75% copper equivalent (

CuEq

)

(0.58%

Cu, 0.19 g/t Au, 0.9 g/t Ag, 67 g/t Mo) starting at 1,394m downhole and

8m of 2.26% CuEq

(1.69% Cu, 0.80 g/t Au, 5.0 g/t Ag and 30 g/t Mo) starting at 1,558m downhole.

The hole ended in the B2B Zone,

intersecting grades of over 2% CuEq and will be

followed up in Phase VI.

ATXD27B

, targeting the B2B Zone from the northwest, intersected

34m grading 0.95% CuEq

(0.69% Cu, 0.35 g/t Au, 1.1 g/t Ag, 55 g/t Mo) within a broader interval of

458m of 0.65% CuEq

(0.50% Cu, 0.14 g/t Au, 0.8 g/t Ag, 130 g/t Mo) from 1,174m downhole.

The hole was

paused in well mineralized wall rock

and will be completed as part of the

Phase VI program.

ATXD28A

, testing Early Porphyry as part of the infill program, intersected

96m of 0.93% CuEq

(0.68% Cu, 0.29 g/t Au, 1.5 g/t Ag, 107 g/t Mo) from 1,106m downhole, and

172m of

0.89% CuEq

(0.68% Cu, 0.24 g/t Au, 1.4 g/t Ag and 78 g/t Mo) from 1,228m downhole. Both intervals are

included within a broader interval of

516m of 0.79% CuEq

(0.59% Cu, 0.23 g/t Au, 1.3 g/t Ag and

85 g/t Mo) starting at 970m downhole.

The hole demonstrated

another extensive well-mineralized interval

that reaffirms the

continuity and connectivity of the Valeriano Porphyry system.

ATEX is also pleased to announce it has received an additional CAD$9.75 million in total

proceeds from the exercise of the remaining 7.5 million common share purchase warrants

("Warrants") which expired in July 2025, priced at CAD$1.30, further strengthening the Company's

balance sheet.

These Warrants have been exercised by long-term core ATEX

shareholders

Phase V Achieves Stated Objectives:

Strategic goals were successfully met

including to:

Delineate the high-grade B2B breccia zone located atop the Valeriano Porphyry;

Extend the high-grade porphyry trend which remains open; and

Test the broader porphyry footprint through infill and step-out drilling with limits still unknown.

16,600 metres of diamond drilling completed,

saving 9,200 metres

by utilizing

innovative

directional drilling technology

Confirmed and significantly expanded the high-grade B2B Zone, from a single intercept

at the end of Phase IV to a strike length of approximately 500m supported by

multiple

significant high-grade intercepts at the end of Phase V.

Traced the B2B Zone approximately 200m closer to surface,

now at a depth of roughly

400m

below the valley floor

Defined a

core of over 2% CuEq mineralization within the B2B Zone that remains open for

expansion

that will be a

priority target in the Phase VI program

Analysis of data and geological information collected through the B2B discovery has generated

multiple other B2B-style targets to be tested

in future exploration programs.

The

high-grade porphyry trend grading over 0.8% CuEq

, within the Valeriano Porphyry was

extended by over 200m to approximately 1 kilometre where it still remains open

to the

north-northwest and to the southeast.

Outlook - Phase VI Drill Program to Commence Shortly with Updated MRE in 2H 2025

Phase VI program planning underway and expected to commence in September

Four strategic objectives

in Phase VI will include:

Focus on further delineation and growth of the high-grade B2B Zone;

Explore for and test other high-grade breccia targets to the north, and new regional targets;

Continue expanding the Valeriano Porphyry system where system limits are still unknown;

and

Continue project derisking through ongoing baseline environmental studies and monitoring,

early stage engineering studies, including hydrogeology and geotechnical scopes and

advancing permitting for future drill campaigns.

Updated Mineral Resource Estimate ("MRE") expected in the second half of 2025.

Figure 1. 2023 Geological Model supporting MRE vs. End of Phase V Model

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6303/260612_12910038e4383a76_001full.jpg

Figure 2. Plan Map of High-Grade Porphyry Trend, B2B Breccia & Phase VI Targets

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6303/260612_12910038e4383a76_002full.jpg

Table 1 - Summary Results for ATXD25C & ATXD27B and ATXD28A

Hole ID

(3,4)

From

Interval

CuEq %

MRS

(1,2)

(m)

(%)

(g/t)

ATXD25C

1,302

1,532

230

0.52

0.16

0.9

0.68

Incl.

1,394

1,532

138

0.58

0.19

0.9

0.75

And

1,558

1,566

1.69

0.80

5.0

2.26

ATXD27B

1,174

1,632

458

0.50

0.14

0.8

130

0.65

Incl.

1,540

1,574

0.69

0.35

1.1

0.95

ATXD28A

(5)

970

1,486

516

0.59

0.23

1.3

0.79

Incl.

1,106

1,202

0.68

0.29

1.5

107

0.93

Incl.

1,228

1,400

172

0.68

0.24

1.4

0.89

(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo). See Company news dated September 12, 2023)

using the formula stated below:

Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864 * Ag g/t /10,000) +

(4.2328042328 * Mo g/t /10,000) *CuEq values reported in historical releases use metals reported in situ (100% basis). Recoveries for these metals as

assumed in the NI 43-101 technical report titled: "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" with an

effective date of September 1, 2023, available at

www.sedarplus.ca

and

www.atexresources.com

are 90% Cu, 70% Au, 80% Ag and 60% Mo.

(2) CuEq reported assuming metal prices of US$1,800 /oz Au, US$3.15 /lb Cu, US$23 /oz Ag, and US$20.00 /lb Mo.

(3) ATXD25C, ATXD27B and ATXD28A were composited at a cut-off of 0.3% CuEq. ATXD25C had a maximum internal dilution of 0m. ATXD27B had a

maximum internal dilution of 0m and ATXD28A had a maximum internal dilution of 8m.

(4) True width of mineralized intersection not known at this stage.

(5) ATXD28A Includes intervals of 10.2m from 981.3m to 991.5m, 40.2m from 999.3m to 1,039.3m, and 10.4m from 1,047.3m to 1,057.7m where no

drill core was recovered due to the use of a directional drilling tool.

Phase V Drill Results - Final Three Assays

A discussion of holes ATXD27B, ATXD25C, and ATXD28A is provided below along with an overview of

completed drill holes, as well as those being drilled up until the Phase V demobilization.

B2B Zone Exploration

ATXD27B

(paused at 1,632m) is the second daughter hole from ATXD27. The hole was

suspended in mineralized wall rock and was targeting the B2B Zone 150m to the northeast of the

high-grade breccia intersected in ATXD26 and ATXD23A. The hole will be completed as part of

Phase VI.

34m of 0.95% CuEq

(0.69% Cu, 0.35 g/t Au, 1.1 g/t Ag, 55 g/t Mo) from 1,540m downhole

is associated with Rock Milled Breccia ("RMB") and chalcopyrite mineralization.

The broader interval of

458m of 0.65% CuEq

(0.50% Cu, 0.14 g/t Au, 0.8 g/t Ag, 130 g/t

Mo) intersected mineralized wall rock from 1,174m to 1,322m, chalcopyrite mineralized RMB

to 1,590m, followed by well-mineralized wall rock to the end of the hole, demonstrating strong

mineralization in the host rock.

The drill hole will be completed as part of the Phase VI program.

ATXD25C

(paused at 1,566m) is a daughter hole from ATXD25A designed to test the potential

link between the B2B breccia and the high-grade bornite zone intersected in ATXD25A.

230m of 0.68% CuEq

(0.52% Cu, 0.16 g/t Au, 0.9 g/t Ag, 99 g/t Mo) from 1,302m downhole

intersected chalcopyrite-mineralized RMB, consistent with the northern trend of the system.

At the bottom of the hole,

8m of 2.26% CuEq

(1.69% Cu, 0.80 g/t Au, 5.0 g/t Ag, 30 g/t)

intersected RMB mineralized with chalcopyrite and enargite in faulted zone.

Valeriano Porphyry Exploration

ATXD28A

(paused at 1,918m) is a daughter hole from ATXD28 and is designed to test Early

Porphyry mineralization on nominal 150m centres as part of the infill program.

96m of 0.93% CuEq

(0.68% Cu, 0.29 g/t Au, 1.5 g/t Ag, 107 g/t Mo) from 1,106m

downhole, and

172m of 0.89% CuEq

(0.68% Cu, 0.24 g/t Au, 1.4 g/t Ag, 78 g/t Mo) from

1,228m downhole intersected chalcopyrite-mineralized RMB above mineralized Intermineral

Porphyry.

Both intervals described above fall within a broader interval

of 516m of 0.79% CuEq

(0.59% Cu,0.23 g/t Au, 1.3 g/t Ag, 85 g/t Mo) of RMB from 970m to 1,400m downhole,

followed by chalcopyrite-mineralized Intermineral Porphyry.

The presence of RMB and Intermineral Porphyry supports the interpretation of a mineralized

system in this unexplored portion of the Project.

Phase V - The Largest and Most Successful Exploration Program at Valeriano to Date

The Program completed approximately 16,600 metres of directional diamond drilling compared to

approximately 12,000m achieved in Phase IV, an increase of about 4,600m. Using directional drilling

techniques, ATEX has saved approximately 9,200m of drilling compared to conventional drilling

methods enhancing the overall effectiveness of the program.

The recently completed drill program deployed five rigs, an increase from the three utilized during Phase

IV. Phase V confirmed and significantly expanded the high-grade B2B Zone, which was previously

identified from a single intercept in the final hole of Phase IV. The B2B Zone now extends over a strike

length of roughly 500m and has been delineated approximately 200m closer to surface, with its upper

contact positioned at a depth of 400m below the valley floor. Additionally, the high-grade porphyry trend,

defined by intervals grading greater than 0.8% CuEq within the Valeriano Porphyry, was extended by

more than 200m and now spans approximately one kilometre in length. This mineralized corridor

remains open along strike to the north-northwest and southeast.

Nine holes were completed in Phase V (ATXD16B, 22C, 23A, 23B, 25A, 25B, 27A, 28, and 28A) and

four partial holes (ATXD22D, 25C, 27B, and 29A) will be completed as part of the Phase VI program.

ATEX's exploration objectives for Phase V were focused on three priorities:

B2B Breccia Zone

- a high-grade breccia body with copper-gold mineralization, situated

approximately 600 metres above the high-grade porphyry corridor. This zone is currently being

delineated for geometry and scale.

High-Grade Porphyry Trend

- a continuous high-grade (0.8% CuEq) trend of bornite and

chalcopyrite-bearing mineralization within the Porphyry footprint measuring approximately 1,000m

along strike, and remains open to the north-northwest.

Broader Porphyry Footprint

- testing the large mineralized system encompassing both Early

and Inter-mineral porphyry phases, tested through infill and step-out drilling with limits still not

known.

The Phase V drill campaign yielded the most significant intercepts in ATEX's exploration history,

providing a robust foundation for targeted follow-up drilling in the upcoming Phase VI program. Standout

drill holes included the following (additional details provided in Table 2):

ATXD23A (February 24, 2025)

- Delivered a record-breaking intercept of

152m at 2.12% CuEq

(1.52% Cu, 0.75 g/t Au, 0.8 g/t Ag, 41 g/t Mo) within a broader interval of

342m of 1.52% CuEq

(1.05% Cu, 0.47 g/t Au, 1.2 g/t Ag, 272 g/t Mo)

, representing a 130m extension to the high-grade

breccia mineralization intersected in ATXD26

ATXD25A (April 22, 2025)

- Intersected

16m of 6.36% CuEq

(3.04% Cu, 4.82 g/t Au, 21.1 g/t

Ag, 5 g/t Mo), within a broader interval of

30m of 4.40% CuEq

(2.21% Cu, 3.17 g/t Au, 15.1 g/t

Ag, 3 g/t Mo)

within a broader interval of 108m of 1.69% CuEq

(0.87% Cu, 1.18 g/t Au, 5.5 g/t

Ag and 9 g/t Mo), the highest-grade and northernmost intersection encountered in mineralized

porphyry, extending the high-grade trend by 200m to a length of approximately 1,000m and

remaining open to the north.

ATXD28 (June 2, 2025)

- A broad intercept of

1,090m at 0.81% CuEq

(0.56% Cu, 0.32 g/t Au,

1.8 g/t Ag, 57 g/t Mo) highlighted another significant and continuous well-mineralized interval.

ATXD29A (June 9, 2025)

- Targeting the high-grade B2B Zone, intersected

36m grading 3.05%

CuEq

(2.10% Cu, 1.02 g/t Au, 6.2 g/t Ag, 542 g/t Mo) within an interval of

126m of 2.04% CuEq

(1.47% Cu, 0.67 g/t Au, 3.7 g/t Ag, 252 g/t Mo) within a broader interval of

536m of 1.04% CuEq

(0.75% Cu, 0.28 g/t Au, 1.7 g/t Ag, 225 g/t Mo), confirming consistency and continuity of

mineralization with a grade over 2.0% CuEq.

Table 2 - Detailed Results with Metallurgical Recoveries for all Phase V Drill Holes

Hole ID

From (m)

(m)

Interval (m)

(%)

Au (g/t)

Ag (g/t)

Mo (g/t)

CuEq %

MRS

(1)

CuEq %

Met

(2)

Date

ATXD16B

1,044

1,824

780

0.56

0.23

0.9

0.76

0.81

Incl.

1,364

1,690

326

0.71

0.29

1.1

0.95

1.01

March 18, 2025

Incl.

1,414

1,646

232

0.75

0.31

1.2

1.00

1.06

ATXD23A

822

2,042

1,220

0.66

0.28

1.9

130

0.91

0.98

Incl.

1,036

1,378

342

1.05

0.47

3.0

326

1.52

1.65

Incl.

1,092

1,378

286

1.17

0.53

3.4

340

1.69

1.83

Incl.

1,162

1,378

216

1.34

0.63

4.1

334

1.93

2.08

March 18, 2025

Incl.

1,226

1,378

152

1.52

0.75

4.9

161

2.12

2.28

Incl.

1,334

1,356

2.35

1.31

8.6

3.30

3.54

ATXD25A

1,230

1,832

602

0.40

0.16

1.0

0.54

0.57

Incl.

1,770

1,830

0.60

0.49

2.4

0.94

1.03

And

1,874

1,982

108

0.87

1.18

5.5

1.69

1.90

April 22, 2025

Incl.

1,892

1,922

2.21

3.17

15.1

4.40

4.97

Incl.

1,896

1,912

3.04

4.82

21.1

6.36

7.22

ATXD23B

1,028

1,238

210

0.60

0.21

1.0

210

0.83

0.90

Incl.

1,212

1,236

0.81

0.30

1.2

136

1.07

1.15

And

1,264

1,999

735

0.47

0.14

1.0

0.59

0.62

April 22, 2025

Incl.

1,274

1,318

0.83

0.21

1.4

1.00

1.04

ATXD27A

1,172

1,626

454

0.48

0.13

0.9

121

0.62

0.66

And

1,636

2,148

512

0.58

0.27

1.7

0.78

0.83

April 22, 2025

Incl.

1,672

1,714

0.84

0.49

3.1

1.20

1.29

Incl.

1,888

1,920

0.77

0.31

1.7

1.00

1.05

ATXD28

834

1,924

1,090

0.56

0.32

1.8

0.81

0.87

Incl.

1,098

1,188

0.71

0.30

1.4

0.95

1.01

June 2, 2025

Incl.

1,398

1,486

0.78

0.35

2.4

1.03

1.10

Incl.

1,643

1,924

281

0.55

0.53

3.3

0.93

1.02

ATXD22C

770

1,814

1,044

0.46

0.18

1.2

0.61

0.65

Incl.

950

1,012

0.69

0.19

1.0

157

0.88

0.94

June 9, 2025

Incl.

1,694

1,804

110

0.49

0.31

2.2

0.71

0.77

ATXD29A

732

1,268

536

0.75

0.28

1.7

225

1.04

1.12

Incl.

1,052

1,232

180

1.23

0.53

2.9

327

1.74

1.88

Incl.

1,106

1,232

126

1.47

0.67

3.7

252

2.04

2.20

June 9, 2025

Incl.

1,124

1,160

2.10

1.02

6.2

542

3.05

3.30

ATXD22D

878

1,820

942

0.50

0.17

1.0

0.66

0.71

Incl.

948

1,080

132

0.63

0.18

0.9

207

0.84

0.90

July 8, 2025

Incl.

1,304

1,514

210

0.55

0.21

1.0

119

0.75

0.80

ATXD25B

1,298

1,837

539

0.45

0.16

1.1

0.59

0.63

July 8, 2025

Incl.

1,638

1,837

199

0.51

0.27

1.9

0.71

0.76

ATXD29A

732

1,934

1,202

0.61

0.33

2.0

104

0.89

0.96

Incl.

1,366

1,934

568

0.55

0.43

2.5

0.86

0.94

July 8, 2025

Incl.

1,388

1,528

140

0.65

0.46

2.4

0.98

1.06

Incl.

1,668

1,772

104

0.65

0.59

3.0

1.06

1.16

ATXD25C

1,302

1,532

230

0.52

0.16

0.9

0.68

0.72

Incl.

1,394

1,532

138

0.58

0.19

0.9

0.75

0.79

July 30, 2025

And

1,558

1,566

1.69

0.80

5.0

2.26

2.41

ATXD27B

1,174

1,632

458

0.50

0.14

0.8

130

0.65

0.69

July 30, 2025

Incl.

1,540

1,574

0.69

0.35

1.1

0.95

1.02

ATXD28A

970

1,486

516

0.59

0.23

1.3

0.79

0.84

Incl.

1,106

1,202

0.68

0.29

1.5

107

0.93

1.00

July 30, 2025

Incl.

1,228

1,400

172

0.68

0.24

1.4

0.89

0.94

(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo). See Company news dated September 12, 2023)

using the formula stated below:

Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864 * Ag g/t /10,000) +

(4.2328042328 * Mo g/t /10,000).

(2) CuEq calculated using recoveries reported from metallurgical test work results reported in Company news dated October 18, 2023 (95% Cu, 94% Au,

89% Ag and 83% Mo) using the formula stated below:

Copper Equivalent (CuEq) is calculated using the formula CuEq % = (((Cu % * 3.15 * 22.0462)) + ((0.94/0.95 * Au g/t) * (1,800/31.1034768)) + ((0.89/0.95

* Ag g/t) * (23/31.1034768)) + ((0.83/0.95 * Mo g/t / 10000) * (20*22.0462))) / (3.15*22.0462).

(3) CuEq reported assuming metal prices of US$1,800 /oz Au, US$3.15 /lb Cu, US$23 /oz Ag, and US$20.00 /lb Mo.

Table 3 - Phase V Drill Hole Summary

Hole ID

UTMX

UTMY

Elev.

Kick-off

Collar/Kick-off

End of Hole

Status

Length

Drilled

WGS84 19S

(m)

Azi./Dip

(m)

B2B Breccia

ATXD23A

414,623

6,779,921

4,346

515

134 / 81

161 / 50

Complete

2,042

1,527

ATXD23B

414,623

6,779,921

4,346

962

139 / 59

143 / 49

Complete

1,999

1,037

ATXD27A

414,558

6,780,399

4,424

794

153 / 72

175 / 31

Complete

2,148

1,354

ATXD27B

414,558

6,780,399

4,424

704

149 / 73

155 / 33

Paused

1,632

928

ATXD29A

414,962

6,779,682

4,257

355

313 / 88

289 / 74

Paused

1,934

1,580

Porphyry

ATXD16B

415,381

6,779,128

4,134

827

287 / 77

270 / 44

Complete

1,880

1,053

ATXD22C

415,187

6,779,412

4,134

667

261 / 89

286 / 66

Complete

1,814

1,148

ATXD22D

415,187

6,779,412

4,134

732

250 / 86

222 / 64

Paused

1,916

1,185

ATXD25A**

413,896

6,779,919

4,160

1,454

125 / 76

102 / 47

Complete

2,232

778

ATXD25B

413,896

6,779,919

4,160

766

100 / 60

89 / 32

Complete

1,837

1,071

ATXD25C

413,896

6,779,919

4,160

408

129 / 80

108 / 18

Paused

1,566

1,158

ATXD28

415,132

6,779,354

4,170

276 / 78

344 / 75

Complete

1,924

ATXD28A

415,132

6,779,354

4,170

970

291 / 78

353 / 74

Paused

1,918

947

Total

25,552

16,600

1 - Includes re-drilled meters (152.7m) and drill hole meters that were halted (711m).

* Table contains preliminary data.

** ATXD25 was paused at 1,454.2m at the end of the Phase IV Campaign and drilling resumed from this depth. Initial kick-off from ATXD25 was at

629.5m.

Hole ID

UTMX

UTMY

Elev.

Kick-off

Collar/Kick-off

End of Hole

Status

Length

Drilled

WGS84 19S

(m)

Azi./Dip

(m)

Outlook - Phase VI Planning Underway

Following the record setting results achieved in Phase V on the Valeriano Project, Phase VI is

anticipated to commence in September. This program will aim to focus on further delineation and growth

of the high-grade B2B Zone; explore for and test other high-grade breccia targets to the north, and new

regional targets; continue expanding the Valeriano Porphyry system where system limits are still

unknown; and continue project derisking through ongoing baseline environmental studies and

monitoring, early stage engineering studies, including hydrogeology and geotechnical scopes and

advancing permitting for future drill campaigns (see Figure 1). Additional information will be provided

closer to commencement of the drilling campaign.

Quality Control & Quality Assurance

Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes

progressed deeper. Drill core produced by the drill rigs was extracted from the core tubes by the drill

contractor under the supervision of ATEX employees, marked for consistent orientation and placed in

core boxes with appropriate depth markers added. Full core boxes were then sealed before being

transported by ATEX personnel to the Valeriano field camp. Core at the field camp is processed, quick

logged, checked for recovery, photographed, and marked for specific gravity, geotechnical studies and

for assays. From camp, the core is transferred to a secure core-cutting facility in Vallenar, operated by

IMG, a third-party consultant. Here, the core trays are weighed before being cut using a diamond saw

under ATEX personnel oversight. ATEX geologists working at this facility double-check the selected

two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the

core is consistently sampled. Reference numbers are assigned to each sample and each sample is

weighed. The core trays with the remaining half-core are weighed and photographed. Additionally, core

logs are updated, and specific gravity and geotechnical samples are collected. The remaining core is

stored in racks at the Company's secure facility in Vallenar.

From Vallenar samples are sent to an ALS preparation facility in Copiapo. ALS is an accredited

laboratory which is independent of the Company. The prepared samples were sent to the ALS assay

laboratories in either Santiago, Chile and Lima, Peru for gold (Au-AA24), copper (Cu-AA62),

molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as and multi-element ICP (ME-MS61)

analysis. No data quality problems were indicated by the QA/QC program.

Qualified Person

Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified

Person, as defined by National Instrument 43-101 - Standards for Disclosure for Mineral Projects, for the

Valeriano Copper Gold Porphyry Project. Mr. Pullinger is not considered independent under NI 43-101

as he is President and CEO of ATEX. He has reviewed and approved the disclosure of the scientific

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