Mr. Raymond Jannas reports

ATEX EXTENDS MINERALIZATION ALONG WESTERN TREND BY 200 METRES TO THE NORTH OF HOLE ATXD-11B

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.

"Our phase 3 drill program continues to successfully deliver on its objectives with hole ATXD-23 significantly extending the newly discovered Western trend, which remains open along strike to the northeast," stated Raymond Jannas, president and chief executive officer of Atex. "We have now confirmed 750 metres of strike extent along the Western trend between drill holes VAL-09 and ATXD-23, demonstrating continuity of the geology and mineralization within this new trend."

Outlook

The phase 3 campaign continues to focus on its stated objectives of expanding the mineralized corridor through stepout drilling along strike, primarily to the northeast, testing new targets along this corridor, and seeking to define the continuity and geometry of the porphyry trends.

Two diamond drill holes are currently under way:

• ATXD-24 is an inclined drill hole drilled from surface to intersect the Western trend 200 metres south along strike from ATXD-11B and is planned to reach the Central high-grade trend at depth.
• ATXD-22B (daughter hole) is being drilled to the northwest out of ATXD-22 (970 metres of 0.51 per cent CuEq and was released on March 30, 2023). This hole is testing the northern extension of the Central high-grade trend 200 metres beyond ATXD-11A, which intersected 0.63 per cent CuEq over 1,270 metres, including 0.81 per cent CuEq over 170 metres along this trend (see company release dated Feb. 7, 2023)

Diamond drill hole ATXD-23 was drilled 200 metres to the north of hole ATXD-11B along the Western trend. It was drilled at a dip of minus 83 degrees and an azimuth of 125 degrees. Alteration commenced from 525 metres downhole, where quartz-sericite alteration was intersected in the overlying rhyolitic tuffs. Mineralized RMB-bearing chalcopyrite was intersected from 825 metres with the quartz-sericite alteration transitioning to potassic alteration, increasing in intensity, to a depth of 1,500 metres. At this depth, the top of the early porphyry unit was intersected with pervasive potassic alteration and chalcopyrite present from 1,500 metres to the bottom of the hole at 2,050 metres. Bornite occurs with chalcopyrite from approximately 1,720 metres to the end of the hole.

Additionally, three intervals of mineralized intermineral porphyry were intersected within the early porphyry interval at 1,729 m to 1,825 m, 1,832 m to 1,848 m and from 1,920 m to 1,980 m.

Hole ATXD-22A (daughter hole) was drilled out of ATXD-22, which intersected 970 metres of 0.51 per cent CuEq (0.38 per cent Cu, 0.10 g/t Au and 99 ppm Mo), and was released on March 30,2023. The hole commenced at 921 metres downhole at an azimuth of 135 degrees and a dip of minus 65 degrees. ATXD-22A commenced in RMB, with chalcopyrite mineralization and weak potassic alteration to a depth of 1,823.1 metres where a large fault was intersected, terminating the mineralized geology. The hole was stopped at a depth of 1,871 metres.

The final drill holes of the phase 3 program are expected to be completed by late May and complete assay results for these holes are anticipated by late July.

Once all assay results from the phase 3 drill program are received, the company intends to update the copper-gold porphyry resource statement for the Valeriano project and file an updated National Instrument 43-101-compliant technical report. Additionally, metallurgical testwork using core from the phase 3 program will be conducted.

Quality assurance/quality control

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 the 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 La Serena. 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, or Lima, Peru, for gold (Au-AA24), copper (Cu-AA62), molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as multielement ICP (inductively coupled plasma) (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.

Qualified person

Ben Pullinger, PGeo, 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 senior vice-president of exploration and business development for Atex. He has reviewed and approved the disclosure of the scientific and technical information contained in this press release.

About Atex Resources Inc.

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. 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 (Filo Mining), Josemaria (Lundin Mining), Los Helados (NGEX Minerals/JX Nippon), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold).

Valeriano hosts a large copper-gold porphyry deposit overlain by a near-surface oxidized epithermal gold deposit. In 2022, Atex completed the company's first limited drill test of the copper-gold porphyry system that is now being followed up with campaign of directional drilling to extend the high-grade trend, test new targets and expand the mineralized envelope.

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