Mr. Raymond Jannas reports

ATEX COMMENCES PHASE IV DRILL PROGRAM - INITIAL HOLES TARGETING HIGH-GRADE CENTRAL AND WESTERN PORPHYRY TRENDS

Atex Resources Inc.'s phase 4 drill program has commenced at the Valeriano project located in Atacama region, Chile.

Highlights:

• Two rigs currently operating -- rigs set up to utilize existing drill holes:
  • ATXD-24 is being completed from where it was suspended at the end of phase 3 having intersected 670 metres of 0.84 per cent copper equivalent (CuEq) (0.60 per cent copper (Cu), 0.24 gram per tonne (g/t) gold (Au) and 101 parts per million (ppm) molybdenum (Mo)) from 1,173 metres, including 312 metres of 1 per cent CuEq (0.73 per cent Cu, 0.30 g/t Au and 77 ppm Mo) from 1,530 metres (see company news release from July 13, 2023) in the Central trend;
  • A daughter hole, ATXD-12A, targeting the western trend, drilling out of historical hole VAL-12 which intersected 44 metres of 0.48 per cent CuEq (0.30 per cent Cu, 0.16 g/t Au and 110 ppm Mo) from 1,012 metres (see the table entitled "Summary results for phase 4 follow up").
• Third rig mobilizing -- initial hole to target southern extension of Western trend with a daughter hole out of ATXD-17 (1,160 metres of 0.78 per cent CuEq (0.53 per cent Cu, 0.28 g/t Au and 70 ppm Mo), including 550 metres of 1.03 per cent CuEq (0.69 per cent Cu, 0.39 g/t Au and 70 ppm Mo) (see company news release from June 13, 2022).
• Phase 4 targeting record metreage season at Valeriano -- full program considers 15,000 metres to 20,000 metres (phase 3 -- 12,513 metres) of diamond drilling, with ability to expand the program subject to results.
• Building off phase 3 success -- phase 4 objectives are to further define and extend the high-grade porphyry trends intersected in phase 2 and 3, while also exploring beyond the currently defined dimensions of the mineralized corridor measuring approximately one kilometre by one km, which remains open in all directions.

"We are incredibly excited to be commencing our phase 4 drill program during what continues to be a transformative year for Atex and the Valeriano project," stated Raymond Jannas, president and chief executive officer of Atex. "To date, we have completed the successful phase 3 drill program, delivering multiple intersections of over 1,000 metres of continuous mineralization above 0.4 per cent copper, leading to the announcement of a significant 1.41-billion-tonne inferred mineral resource estimate in September. Following on from this, we then announced the results of a PEA [preliminary economic assessment]-level metallurgical program demonstrating exceptional metal recoveries for the project and exceeding the recovery assumptions contemplated in the resource. Phase 4 drilling is poised to build on this success and continue to further demonstrate the quality of the Valeriano project."

Phase 4 initial drill holes

The first three holes contemplated for phase 4 have been designed with the objective to further define and explore within the central and western high-grade trends. The first hole anticipated to be completed in the program is the continuation of ATXD-24, which was suspended at the end of phase 3 due to weather. This hole was paused while in high-grade early porphyry (EP) and is anticipated to continue for another 400 metres to test the eastern extent of the Central trend at an elevation that has not yet been explored.

The second hole of the program is a daughter hole originating out of hole VAL-12 at a depth of 605 metres and drilling to the west. This hole is designed to test the western extent of the Western trend and the mineralization in rock-milled breccia, previously untested, to the west of the EP contact.

The third hole, which will commence upon the arrival of a third rig, will be a daughter hole out of ATXD-17, planned to commence at a depth of 850 metres downhole, and will be drilled to the west where it will test the upper extent of the Central trend and continue into the Western trend.

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 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 resource: 1.41 billion tonnes at 0.67 per cent CuEq (0.50 per cent Cu, 0.20 g/t Au, 0.96 g/t silver (Ag) and 63.80 g/t Mo, at a cut-off of 0.4 per cent Cu), reported in September, 2023, which includes a higher-grade core totalling 200 million tonnes at 0.84 per cent CuEq (0.62 per cent Cu, 0.29 g/t Au, 1.25 g/t Ag and 55.7 g/t Mo, at a cut-off of 0.5 per cent Cu).

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