ATEX

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

ATEX Resources Inc. is a Chilean-focused exploration company managed by a team of dedicated professionals with the goal of discovering economically viable mineral deposits through a disciplined approach to exploration. ATEX's flagship Valeriano Copper-Gold Project is located in Chile's prolific El Indio mineral belt.

Investment Highlights

Proven Management Team

• Led by a successful team with numerous discoveries to their credit including the Pascua-Lama, Volcan, Fenix and El Morro (Now called La Fortuna – Newmont/Teck JV) Deposits.

Exploration/Discovery Stage Project

• Valeriano Copper-Gold Project with two resource deposits outlined that includes a near surface, leachable, oxide gold deposit and an underlying copper gold porphyry deposit.

Active Generative Exploration Program

• Using the Company’s extensive background in Chile to stake prospective open ground.

• Chile is a Tier 1 mining jurisdiction with excellent infrastructure, a resource-based economy and a government supportive of resource development.

FLAGSHIP PROJECT

Valeriano Copper-Gold Project, Chile

Project Overview

• Option to acquire 100% of Valeriano was entered into in 2019 with final payment due in September 2025.
• Agreement covers 15 exploitation and 2 exploration concessions totaling 3,705 ha.
• Valeriano is located 125 km southeast of the City of Vallenar, in the Atacama Region of northern Chile.
• Major producers actively exploring on adjacent concessions.
• Contiguous to the Antofagasta/Barrick El Encierro copper gold porphyry JV.
• ATEX benefits from 26,847 m of drilling completed by three companies since 1986 principally focused on near surface gold oxide
• Phelps Dodge, Barrick and Hochschild.
• The Valeriano Project hosts a large copper gold porphyry deposit overlain by a near surface oxidized epithermal gold deposit, located in an emerging copper district.
• Valeriano Resource Estimates (2020)
• Underexplored large copper gold porphyry deposit:
• Inferred Resource: 297.3 Mt @ 0.59% Cu, 0.19 g/t Au & 0.90 g/t Ag (0.77% CuEq) at a cut-off grade of 0.50% Cu
• Contained Metals: 1.77 Mt Cu, 1.8 Moz Au, 8.6 Moz Ag (2.3 Mt CuEq)
• Gold oxide epithermal deposit:
• Inferred Resource: 34.4 Mt @ 0.53 g/t Au & 2.40 g/t Ag
• Contained Metals: 584,000 oz Au & 2.65 Moz Ag (621,500 oz AuEq)
• Valeriano Phase I program was focused on near surface gold oxide deposit.
• Recently completed Phase II program was focused on confirming and expanding the copper gold porphyry footprint.
• Primary objective of the Phase II drilling was to expand the known higher grade porphyry intercepts in drill hole VALDD-14 with 3 drill holes.
• Hole ATXD-17
• Remained in mineralization through to its final depth of 2,057 metres.
• Returned 1,160 metres of 0.78% CuEq including 550 metres of 1.03% CuEq.
• Successfully extended the copper gold porphyry mineralization by 200 metres southwest of historical drill hole VALDD-14 (0.73% CuEq over 1,194 m).
• Confirmed the presence and continuity of a high-grade , +1.0% CuEq core of the porphyry, initially intersected in VALDD-14 (1.00% CuEq over 272 m), and extended it 200 metres to the southwest.

Drill results outline major expansion potential of the porphyry mineralization to the northeast and southwest outlining an 850 by 800 metre envelope of copper gold mineralization which remains open in all directions.

• Raymond Jannas President and CEO of ATEX stated, “The results clearly establish that a very large Andean mineralized porphyry system exists at Valeranio and affirms our belief that the Project has potential to host the next major Chilean porphyry deposit.” (See news release dated June 13, 2022)
• Phase III drill program is targeting extending and further defining high grade, testing new targets and expansion.

Next Steps

Plans are currently being made for a major drilling campaign during the 2022/23 season with the key goals of:

• Determination of the extent of the copper-gold mineralization in all directions
• Delineation of the size and orientation of the high grade (+1.0% CuEq) core intersected in holes VALDD-14 and ATXD-17
• Infill drilling of known mineralization in anticipation of an update to the resource estimate
• Collection of samples for metallurgical test work
• Detailed geotechnical logging of the core
• Exploration camp acquired and currently being installed

Management

Management and Directors

Dr. Raymond Jannas, Chief Executive Officer and Director

Over 40 years’ experience in mining geology & exploration.

Headed teams that led to discovery of Pascua-Lama, El Morro & Cortadera in Chile.

Held senior positions with Gold Fields, Barrick Gold, LAC Minerals, Hochschild Mining, Metallica Resources.

Ph.D. from Harvard University.

Thomas Pladsen, Chief Financial Officer

Finance professional with 30 years of experience as a senior executive & director with public companies largely in the exploration industry.

Co-founder of ATEX Resources Inc. and previously, co-founder and CFO of Atacama Pacific Gold.

Formerly the CFO of Andina Minerals, Katanga Mining and number of other publicly traded companies.

Ben Pullinger, Senior Vice President Exploration and Business Development

Geologist with over 17 years’ of international mineral exploration and business development experience.

Held senior executive positions with Golden Star Resources, Excellon Resources and Roxgold Inc.

Director of Orford Mining.

Dr. Albrecht Schneider, Consultant

Geologist with 40 years’ experience in mining & mineral exploration industry.

Co-founder of ATEX Resources Inc, Chairman & co-founder of Atacama Pacific Gold, general manager & co-founder of Andina Minerals & Senior VP of Exploration, TVX Gold.

Instrumental in discovery of Cerro Maricunga, Volcan & Salares Norte deposits; led teams outlining Asacha & Zolotoe deposits in Russia, Kasperske Hory deposit in Czech Republic, & Skouries deposit in Greece.

Craig Nelsen, Chairman

Geologist with over 40 years’ international exploration experience; retired from Gold Fields with 8 years as the Executive VP of Exploration.

CEO of Metallica Resources for 9 years and Chairman for 14 years.

Rob Suttie, Director

Currently Vice President at Marrelli Support Services Inc. with over 20 years’ experience in corporate accounting and financial disclosure.

Alejandra Wood, Director

Over of 20 years’ international and Chilean mineral industry experience.

Currently sits on the board of Codelco

Formerly the Executive Director of the Center for Copper and Mining Studies (“Cesco”)

Jamile Cruz, Director

Experienced engineer and has held senior capital projects consulting roles with a number of international mining companies.

Founder and currently Executive Director of I&D 101 Inc.

News Update

On August 01, 2023, The TSX Venture Exchange has accepted for filing the company's proposal to issue 15 million non-transferable bonus warrants, with each warrant entitling the holder to acquire one common share of the company at $1.30 until July 11, 2025, to a non-arm's-length party and certain arm's-length parties in consideration of a credit facility of $15-million (U.S.). The facility bears an interest rate of 6 per cent per annum and matures on July 11, 2025.

On July 19, 2023, Further to its news release dated July 12, 2023, Atex Resources Inc. has drawn and received $10-million (U.S.) in financing under its credit agreement dated July 11, 2023, entered into by the company and a group led by existing strategic shareholders Firelight Investments LLC, a company controlled by Pierre Lassonde (an insider of the company), Beedie Investments Ltd. and other arm's-length parties (collectively with Firelight and Beedie, the lenders).

"We welcome the continued support from our cornerstone shareholder through this credit agreement and are very happy to have Beedie Capital as our newest key stakeholder," stated Raymond Jannas, chief executive officer and president of the company. "With over $20-million in liquidity, we are well positioned to execute our 2023/2024 exploration drilling campaign."

On July 13, 2023, Atex Resources Inc. has provided partial assay results for drill holes ATXD-24 and ATXD-22B, the last two holes, from its phase III drill campaign at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

• 312 metres of 1.00 per cent CuEq (0.50 per cent Cu, 0.37 g/t Au and 11 ppm Mo), in early porphyry within the Central trend, from 1,530 metres to where the hole was paused at a depth of 1,842.4 metres at the end of the drill season;
• The high-grade, early porphyry was intersected earlier in the hole than anticipated, widening the Central trend by approximately 70 metres to the west;
• ATXD-24 was planned to reach 2,200 metres in depth and will be completed as part of the phase IV drill program.

On July 12, 2023, Atex Resources Inc. has entered into a credit agreement for the establishment of a $15-million (U.S.) unsecured credit facility from a group led by existing strategic shareholders Firelight Investments LLC, a company controlled by Pierre Lassonde (an insider of the company), Beedie Investments Ltd. and other arm's-length parties. The facility will provide Atex additional financial flexibility to finance the company's continuing work programs and provide general working capital.

"We are very grateful to have the continued support from our cornerstone shareholder through this facility and the early exercise of warrants. We also would like to welcome Beedie Capital as our newest key stakeholder," stated Raymond Jannas, chief executive officer and president of the company. "This group of strategic shareholders have reiterated their support and confidence in the Valeriano project by agreeing to provide Atex with a simple and flexible facility. With over $20-million in liquidity, we are extremely well positioned to execute our 2024 exploration drilling campaign, the completion of our upcoming updated resource for the Valeriano project and other strategic initiatives."

On June 05, 2023, Atex Resources Inc. has released complete assay results for drill holes ATXD-22A and ATXD-23 from its phase III drill campaign at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

• ATXD-23 successfully extended the high-grade trend discovered in ATXD-11B, intersecting 964 metres of 0.70 per cent copper equivalent (CuEq) (0.48 per cent Cu, 0.24 gram per tonne Au and 78 parts per million Mo (molybdenum)) starting at 782 metres and including:
• 602 metres of 0.80 per cent CuEq (0.50 per cent Cu, 0.37 g/t Au and 11 ppm Mo) from 1,130 metres;
• 120 metres of 0.90 per cent CuEq (0.45 per cent Cu, 0.54 g/t Au and three ppm Mo) starting at 1,612 metres;
• Additionally, ATXD-23 intersected 192 metres of 0.56 per cent CuEq (0.24 per cent Cu, 0.40 Au and four ppm Mo) from 1,858 metres to the bottom of the hole, ending in mineralization;
• The newly discovered Western porphyry trend now has a strike length of approximately 700 metres and remains open. The phase IV program will include holes testing further extensions of this high-grade discovery.
• ATXD-22A (daughter hole), targeting the Eastern porphyry trend, intersected 546 metres of 0.45 per cent CuEq (0.32 per cent Cu, 0.08 g/t Au and 173 ppm Mo) from 921.4 metres down hole.
• This mineralization continues from hole ATXD-22 (mother hole) grading 0.44 per cent CuEq over 292 metres from 630 to 922 metres (0.31 per cent Cu, 0.01 g/t Au and 108 ppm Mo) (see March 30 release) above the kick-off point for ATXD-22A.
• The final two holes of the program, ATXD-24 and ATXD-22B, reached depths of 1,842.4 metres and 1,615.05 metres, respectively, with ATXD-24 paused in early porphyry within the Central trend and ATXD-22B in potassic altered, mineralized rock milled breccia (RMB) approaching the Central trend extension.
• Both holes were paused due to earlier-than-expected adverse weather conditions;
• Samples for the partial holes ATXD-24 and ATXD-22B have been sent to the lab with results expected by late June or early July.

On May 11, 2023, Atex Resources Inc. has completed drill holes ATXD-22A and ATXD-23 in its phase 3 drill campaign at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

• ATXD-23 intersected 550 metres of mineralized early porphyry, between 1,500 m and 2,050 m downhole.
• ATXD-23 extends the strike length of the Western trend by approximately 200 metres north of hole ATXD-11B, which intersected 1,342.5 metres of 0.73 per cent CuEq (copper equivalent) (0.46 per cent Cu (copper), 0.31 gram per tonne (g/t) gold (Au) and 43 parts per million (ppm) molybdenum (Mo)) and was released on March 30, 2023.
• Copper mineralization in the early porphyry consists mainly of chalcopyrite and, to a lesser extent, bornite, consistent with mineralization observed in ATXD-11B.
• Additionally, ATXD-23 intersected 650 metres of chalcopyrite-bearing rock milled breccia (RMB) above the early porphyry interval from a depth of 850 metres downhole to the porphyry contact at 1,500 metres.
• ATXD-22A (daughter hole) drilled southeast out of ATDX-22 intersected altered chalcopyrite-bearing RMB and mineralized late porphyry units.
• The final two holes of the program, ATXD-24 and ATXD-22B, are anticipated to be completed by the end of May.
• Complete assays for ATXD-23 and ATXD-22A are expected by late May.

On May 11, 2023, As a result of a continuous disclosure review by the British Columbia Securities Commission, Atex Resources Inc. is issuing this news release to clarify disclosure with respect to certain of the scientific and technical information included in the company's annual information form filed on March 6, 2023, and its National Instrument 43-101 technical report entitled "Valeriano Project, Inferred Resource Estimates, Atacama Region, Chile," with an effective date of Nov. 13, 2020.

On April 05, 2023, Atex Resources Inc. has released the results of its 2023 annual general and special meeting of its shareholders held on-line on Wednesday, April 5, 2023. All of the motions proposed in Atex's notice of annual general and special meeting dated March 1, 2023, were overwhelmingly approved by Atex shareholders at the meeting. In addition, the company is pleased to announce that it has granted an aggregate of 601,300 restricted stock units that vest over a two-year period to certain officers, employees and consultants as a 2022 annual performance award, all in accordance with its restricted share unit plan (RSU plan) that was approved by shareholders at the meeting.

On March 30, 2023, Atex Resources Inc. has released results for diamond drill holes ATXD-11B and ATXD-22. These are the third and fourth holes completed in its phase III drill campaign at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

• ATXD-11B, which intersected higher-grade intervals of:
• 0.80 per cent copper equivalent (0.50 per cent copper, 0.35 gram per tonne gold and 29 parts per million molybdenum) over 1,010 metres;
• 0.94 per cent copper equivalent (0.46 per cent copper, 0.58 gram per tonne gold and 13 parts per million molybdenum) over 222 metres, within the wider interval of 0.73 per cent copper equivalent (0.46 per cent copper, 0.31 gram per tonne gold and 43 parts per million molybdenum) over 1,342.5 metres;
• Results from ATXD-11B confirm a new high-grade porphyry trend, the Western trend, on the Valeriano project;
• The discovery of the Western trend expands the mineralized corridor over 300 metres to the west of the Central high-grade trend and is open along strike for extension;
• ATXD-22 intersected 970 metres of 0.51% Copper Equivalent "CuEq" (0.38 % Cu, 0.10 g/t Au and 99 ppm Mo).
• Drill holes ATXD-23 and ATXD-24 are currently being drilled to the north and south of ATXD-11B to define and extend high-grade mineralization along the Western high-grade trend.

On February 27, 2023, Atex Resources Inc. has completed drill hole ATXD-11B, the third drill hole in its phase III drill campaign and has received assay results from hole ATXD-21 at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

ATXD-11B intersected 765 metres of early porphyry, between 1,425 and 2,190 metres, along a new trend within the mineralized corridor, approximately 300 metres to the west of the Central High-Grade Trend.

This new porphyry is similar in appearance to the early porphyry in the Central High-Grade Trend with significant chalcopyrite and lesser bornite mineralization observed. Assays for ATXD-11B are anticipated late-March. Additionally, ATXD-11B intersected chalcopyrite-bearing Rock Milled Breccia ("RMB") with intermineral cross cutting porphyry units from a depth of 1,056 metres downhole to 1,425 metres.

A third diamond drill rig has been mobilized to the Project and is expected to commence operating in early March, following up on the new porphyry trend intersected in ATXD-11B.

ATXD-21 intersected multiple mineralized intervals including 428 metres of 0.48% Copper Equivalent "CuEq" (0.31% Cu, 0.2 g/t Au and 56 ppm Mo) and 168 metres of 0.59% CuEq (0.41% Cu, 0.2 g/t Au and 60 ppm Mo). Mineralization in the upper part of ATXD-21 could be indicative of deeper porphyry presence related to the Eastern Trend. Continuity or displacement of the Central Trend will be evaluated in future drilling.

On February 07, 2023, Atex Resources Inc. has released results from drill hole ATXD-11A during phase III of its drill campaign at the Valeriano copper-gold project located in Atacama region, Chile. Highlights include:

• ATXD-11A returned 1,270 metres grading 0.63 per cent copper equivalent (CuEq) (0.43 per cent Cu, 0.21 gram per tonne gold and 52 parts per million molybdenum) ending in mineralization at 2,130 metres.
• Hole ATXD-11A ended in mineralized porphyry with the grade increasing over the final 30 metres, returning 0.73 CuEq (0.53 per cent Cu, 0.2 g/t Au and 19 ppm Mo).
• Confirmed continuity of the Central high-grade porphyry trend with ATXD-11A intersecting 170 metres of 0.80 per cent CuEq (0.54 per cent Cu, 0.3 g/t Au and 11 ppm Mo), extending the trend over 200 metres northeast from VAL-14 (1,194 m of 0.73 per cent CuEq, including 272 m of 1 per cent CuEq*).
• ATXD-11A extends the western mineralized zone 400 metres north of VAL-09 (852 metres grading 0.64 per cent CuEq*).
• Atex is presently drilling holes ATXD-11B and ATXD-22 with the goal of extending mineralization north of intersections in ATXD-11A along the Western and Central porphyry trends.
• Hole ATXD-11B is currently drilling in mineralized porphyry along a new trend following up on zone intersected within the Western porphyry trend in the upper part of hole ATXD-11A.

On January 25, 2023, Atex Resources Inc. has increased its ownership in the company's principal property, the Valeriano project, located in Chile, through an indirect acquisition of the 10-per-cent interest in Sociedad Contractual Minera Valleno, the Valeriano project's holding company, held by a subsidiary of Hochschild Mining. Pursuant to a share purchase agreement dated January 23, 2023, ATEX Valeriano SpA, the Company's wholly owned Chilean subsidiary ("ATEX Valeriano"), acquired Hochschild's 10% interest in Valleno for a purchase price of US$1,150,000.

On January 17, 2023, Atex Resources Inc. has completed the first two diamond drill holes of the phase 3 drill campaign on its Valeriano copper-gold project in the Atacama region, Chile. Highlights:

• ATXD-11A intersected chalcopyrite-bearing porphyry units and breccias starting at a depth of 1,092 metres and continuing to the end of the hole at 2,130 metres.
• ATXD-11A extended the strike length of the porphyry a further 200 metres to the northeast of historical drillhole VAL-14 (Figure 1) which intersected 1,194 metres grading 0.73% copper equivalent ("CuEq") (0.52% Cu, 0.24 g/t Au and 36 ppm Mo) including 493 metres grading 0.94% CuEq (0.67% Cu, 0.32 g/t Au and 31 ppm Mo), see ATEX release dated January 6, 2022.
• ATXD-21 was drilled to a depth of 2,020 metres and had been designed to test the southwest extension of the mineralized corridor 200 metres to the south of hole ATXD-17 which intersected 1,160 metres of 0.78% CuEq (0.53% Cu, 0.28 g/t Au and 70 ppm Mo), see Company release dated 13 June 2022).
• ATXD-21 intersected multiple mineralized intervals including a fine-grained porphyry unit between 1,805 and 1,907 metres potentially indicating that the target porphyry trend might be further west and/or north than initially anticipated and was not reached with this hole.
• The mineralized corridor remains open to the northeast and southwest.
• Assays for drill hole ATXD-11A are expected by the end of January while assays from drill hole ATXD-21 are expected during February.

On January 04, 2023, Atex Resources Inc. has granted an aggregate of 250,000 stock options to an officer of Atex. Each option entitles the holder to acquire on common share at an exercise price of 77 cents until Jan. 3, 2028.

On December 22, 2022, Atex Resources Inc. has appointed Sheila Magallon as chief financial officer, succeeding Thomas Pladsen, who will be retiring Dec. 31, 2022. Ms. Magallon is a Chartered Professional Accountant with more than 15 years' experience in the mining sector. She has a strong background in financial reporting, internal controls, strategic planning, treasury management and change management. She joined GCM Mining in 2019 as Vice President, Finance where she worked through to its combination with Aris Mining.

ATEX is also pleased to announce it has extended its agreement with Adelaide Capital Markets Inc. ("Adelaide") of Toronto, Ontario, by 6 months.

On December 09, 2022, The Globe and Mail reports in its Friday, Dec. 9, edition that Desjardins Securities analyst John Sclodnick and Jonathan Egilo expect gold to regain investor interest, pointing to its "tendency to outperform other asset classes in either of these environments." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sclodnick and Mr. Egilo have reaffirmed their "buy" recommendation and $1.20 share target for Atex Resources. Analysts on average target the shares at $1.47.

On August 25, 2022, ATEX announced that it has completed its previously announced private placement financing. A total of 20,013,261 units were issued at a price of 62 cents per unit, raising gross proceeds of $12,408,222. ATEX intends to use the proceeds from the offering to advance the Company’s Valeriano Copper-Gold Project and for general corporate purposes.

On August 3, 2022, ATEX announced upsize of previously announced private placement financing to up to $10.8 million.

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