Mr. Raymond Jannas reports

ATEX EARNS 49 PER CENT INTEREST IN VALERIANO PROJECT, AMENDS OPTION AGREEMENT

Through Atex Resources Inc.'s wholly owned subsidiary, Atex Valeriano SpA, the company has earned a 49-per-cent interest in the Valeriano copper-gold project after completing significant payment and exploration milestones under the option agreement dated Aug. 29, 2019, as previously amended, between Atex Valeriano and Sociedad Contractual Minera Valleno. In connection with earning the 49-per-cent interest in the Valeriano project, Atex Valeriano and Valleno also agreed to amend certain terms of the option agreement to simplify certain administrative and structural matters.

"We are tremendously pleased to have reached a 49-per-cent interest in the Valeriano project and are looking forward to acquiring 100 per cent after our next drilling seasons that should assure the high-grade porphyry trends and expand the size of the deposit," stated Raymond Jannas, chief executive officer and president of the company.

Atex's 49-per-cent interest

Pursuant to the terms of the option agreement, Atex Valeriano paid Valleno an aggregate of $3.5-million (U.S.), satisfying 50 per cent of such payment with a cash payment of $1.75-million (U.S.) and 50 per cent of such payment in 2,935,749 common shares of the company, such Atex shares having a deemed aggregate value of $1.75-million (U.S.). In addition, Atex Valeriano also met the current exploration requirements set out in the option agreement, being $10-million (U.S.) in exploration expenditures on the Valeriano project, including the completion of not less than 8,000 metres of drilling. Atex Valeriano was obligated to make the $3.5-million (U.S.) payment and meet those exploration milestones by Aug. 29, 2023, in order to secure a 49-per-cent interest in the Valeriano project.

Atex Valeriano can earn a 100-per-cent interest in the Valeriano project, subject to a 2.5-per-cent net smelter royalty, by paying a further $8-million (U.S.) (half of which may be satisfied through the issuance of Atex shares, at Valleno's discretion) and by incurring an additional $5-million (U.S.) of exploration expenditures on the Valeriano project by Aug. 29, 2025. Upon Atex Valeriano earning the full 100-per-cent interest in the Valeriano project, Valleno shall transfer its ownership in the Valeriano project to Atex Valeriano or as otherwise directed by the company.

Amendments to option agreement

Atex Valeriano and Valleno have also agreed to amend certain administrative and structural terms of the option agreement to reduce costs and overhead to the parties. Originally, upon Atex Valeriano earning the 49-per-cent interest in the Valeriano project, the parties were required to form a new Chilean joint stock company to hold their respective interests in the Valeriano project. This requirement has been struck by the parties from the option agreement. Instead, pursuant to the amendment, Atex Valeriano remains able to acquire a 100-per-cent interest in the Valeriano project by meeting the unamended requirements set out herein, however, in the event that Atex Valeriano does not exercise the option to acquire the 100-per-cent interest in the Valeriano project, Atex Valeriano and Valleno would then incorporate a new Chilean joint stock company owned by both parties proportionate to each party's respective property ownership interest.

Issuance of units to SBX

In connection with the $3.5-million (U.S.) payment made to Valleno under the option agreement, Atex issued one million units to SBX Asesorias e Inversiones Ltd. (SBX), the original optionor of the Valeriano project, pursuant to a transfer and assignment agreement between Atex, Atex Valeriano and SBX dated Aug. 29, 2019, as amended. Each unit consists of one Atex share and one common share purchase warrant exercisable at 86 cents to acquire one additional Atex share by Aug. 28, 2027. Following the issuance of the units to SBX, Atex and Atex Valeriano have met all their outstanding obligations under the transfer agreement owing to SBX.

All the securities issued by Atex to Valleno and SBX are subject to a customary four-month hold under applicable Canadian securities law, expiring on Dec. 29, 2023.

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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