Mr. Raymond Jannas reports

ATEX RECEIVES INITIAL US$10 MILLION UNDER CREDIT FACILITY AND ISSUES WARRANTS

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."

In connection with financing of this initial tranche under the credit agreement, the company issued non-transferable warrants to purchase an aggregate of 15 million common shares of the company to the lenders on a pro rata basis, with each facility warrant entitling the holder to acquire one common share of the company at an exercise price of $1.30 per facility warrant share until July 11, 2025, being the maturity date of the credit agreement.

The company may draw an additional $5-million (U.S.) under the credit agreement in a second tranche, provided such funds are drawn at least three months prior to the maturity date.

Proceeds from the credit agreement will be used to finance the exploration and development of the company's Valeriano copper-gold project (including drilling, assays and working capital needs related thereto), completion of an updated resource study, and for general working capital and administrative purposes consistent with the company's current practices.

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.

We seek Safe Harbor.