ATEX Mobilizes Equipment for Valeriano Drilling Program and Extends Option Payments Timeline

ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario, M5C 3A1

ATEX Mobilizes Equipment for Valeriano Drilling Program and

Extends Option Payments Timeline

VANCOUVER, British Columbia, February 1, 2021 - ATEX Resources Inc. (TSXV:ATX)

("ATEX”) is pleased to announce that it has commenced the mobil ization of drilling and

related support equipment to the Valeriano Project. The goal o f the planned 3,000 metre

reverse circulation drilling program is to expand the existing near surface oxide gold

resource and convert a portion of inferred gold resources to th e measured and indicated

categories. In addition, after discussions with the vendors of the Valeriano property, taking

into account the difficulties of the past year, ATEX has entered into an agreement extending

the timing of all future option payments for a period of one ye ar from each payment’s

previous due date.

The Valeriano epithermal oxide gold deposit contains 0.585 mill ion ounces of gold and 2.65

million ounces of silver for 0.623 million gold equivalent ounc es hosted in an inferred

resource estimate of 34.4 million tonnes at a grade of 0.528 grams per tonne (‘g/t”) gold and

2.4 g/t silver, for a gold equivalent grade of 0.561 g/t at a 0.275 g/t gold cut-off grade.

“We are pleased to start the process of advancing the Valeriano oxide gold resource

towards a measured and indicated resource,” said Raymond Jannas , CEO of ATEX. “This

initial drilling program is the first step towards our goal of outlining an economically viable,

heap leachable gold deposit at Valeriano which can be developed in a reasonable time

frame with relatively low capital requirements. Further, the pa yment moratorium provides

ATEX with flexibility in moving the oxide gold deposit forward as well as progressing the

copper gold porphyry resource lying at depth below the near surface gold deposit.”

Underlying the Valeriano oxide gold deposit is a large copper g old porphyry hosting an

estimated inferred resource of 297.3 million tonnes grading 0.5 9% copper, 0.193 g/t gold

and 0.9 g/t silver (copper equivalent grade of 0.77%) for an es timated 1.77 million tonnes of

copper, 1.845 million ounces of gold and 8.62 million ounces of silver or 2.30 million tonnes

of contained copper equivalent at a 0.50% copper cut-off grade. The porphyry copper

resource remains open horizontally in all directions and to depth.

Option Grant

ATEX has granted 100,000 stock options to a director of ATEX. Each option entitles the

holder to acquire one ATEX common share at an exercise price of $0.35 until January 28,

2026.

NI 43-101 Disclosure

David Hopper, a geological consultant and resident of El Arrayá n, Santiago, Chile, is the

qualified person (“QP”), as defined by National Instrument 43-1 01 Standards for Disclosure

for Mineral Projects, for the V aleriano Project. Mr. Hopper is a Chartered Geologist of the

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Geological Society of London, Fellow No. 1030584. The Valerian o Project resource

estimates was undertaken by SRK Consulting (Chile) SpA. Joled N ur, Civil Mining

Engineer, SRK Consulting (Chile) SpA, a member of the Public Re gister of Competent

Persons in Mining Resources and Reserves of Chile, No. 181, was the independent QP

who prepared the resource estimates.

Valeriano Resource Estimates Disclosure

The mineral resources are not confined by economic or mining pa rameters. The cut-off

grades noted are for reporting purposes only and no economic conditions are implied. Metal

recoveries were not considered. Equivalent grades are calculate d based upon a gold price

of $1,800 per ounce, a copper price of $3.00 per pound and a si lver price of $25.00 per

ounce. The formula for the equivalent grade calculations are a s follows: 𝐴𝑢௘௤ሺ𝑔/𝑡ሻ ൌ

𝐴𝑢௚/௧ ൅

஺௚೒/೟∗஺௚೛ೝ೔೎೐

஺௨೛ೝ೔೎೐

and C 𝑢௘௤ሺ%ሻ ൌ

஼௨_௣௣௠

ଵ଴,଴଴଴ ൅

஺௨೒/೟∗஺௨೛ೝ೔೎೐

ଶଶ.଴ସ଺ଶ∗ଷଵ.଴ଵଷହ∗஼௨೛ೝ೔೎೐

൅

஺௚೒/೟∗஺௚೛ೝ೔೎೐

ଶଶ.଴ସ଺ଶ∗ଷଵ.଴ଵଷହ∗஼௨೛ೝ೔೎೐

. A l l

prices are in US$. For further details on the Valeriano resour ce estimates, see ATEX’s “NI

43-101 Technical Report Valeriano Project Inferred Resources Es timates” dated November

13, 2020 filed at www.sedar.com.

About ATEX Resources Inc.

ATEX is a mineral exploration company focused on the acquisitio n, development and

monetization of projects throughout the Americas. ATEX’s flagsh ip Valeriano Project is

located in Chile’s prolific El Indio Mineral Belt.

On behalf of ATEX Resources Inc.

Dr. Raymond Jannas, CEO

For additional information, please email [email protected] or call 1-647-287-3778

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This news release contains forwa rd-looking statements, includin g predictions, projections and forecasts.

Forward-looking statements include, but are not limited to: pla ns for the evaluation of the Valeriano

property; the success of evaluat ion plans; the success of explo ration activities; mine development

prospects; and, potential for fu ture metals production. Often, but not always, forward-looking statements

can be identified by the use of words such as "plans", "plannin g", "expects" or "does not expect",

"continues", "scheduled", "estima tes", "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, fut ure events, conditions, uncertainties

and other factors which may cause the actual results, performan ce or achievements to be materially

different from any future results, prediction, projection, forecast, performance or achievements expressed

or implied by the forward-looki ng statements. Such factors incl ude, among others, changes in economic

parameters and assumptions, the interpretation and actual resul ts of current exploration activities;

changes in project parameters as plans continue to be refined; the conversion of inferred resources to the

measured and indicated category; 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;

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labour disputes and other risks of the mining industry; the res ults of economic and technical studies,

delays in obtaining governmental approvals or financing or in t he completion of exploration, as well as

those factors disclosed in ATEX's publicly filed documents.

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

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

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

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

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

undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provid er (as that term is defined in the

policies of the TSX Venture Ex change) accepts responsibility fo r the adequacy or accuracy of this press

release.