Mr. Raymond Jannas reports

ATEX COMPLETES FIRST HOLE IN PHASE IV DRILL PROGRAM EXTENDING WESTERN POPRHYRY TREND TO SOUTH AND PROVIDES EXPLORATION UPDATE

Atex Resources Inc. has completed drill hole ATXD-12A, the first hole, of its phase 4 drill campaign at the Valeriano copper-gold project located in Atacama region, Chile.

Highlights include:

• Drill hole ATXD-12A, targeting the Western trend, intersected a 1,096-metre zone of copper mineralization from 906 metres downhole, including 638 metres of mineralized early porphyry (EP) from 1,267 metres (hole completed at 2,001 metres).
• ATXD-12A confirmed the presence of EP along the Western trend, 200 metres to the south of ATXD-11B (1,342.5 metres of 0.73 per cent copper equivalent (CuEq) (0.46 per cent copper (Cu), 0.31 gram per tonne (g/t) gold (Au) and 43 parts per million (ppm) molybdenum (Mo), reported March 30, 2023), where the Western trend remains open along strike.
• Additionally, ATXD-12A expanded the Western trend porphyry contact by approximately 50 metres to the west.
• Atex has also strategically added to its land position to the east of Valeriano, adding 2,700 hectares of new ground to the Valeriano property package.
• Atex is currently drilling with three drill rigs, testing for the extensions of the Western trend and the strike extension of the Central high-grade trend.
• Complete assays for ATXD-12A are anticipated in mid-January.

"This is an exciting start to the phase 4 program," stated Raymond Jannas, president and chief executive officer of Atex. "In phase 3, we discovered and loosely defined initial continuity within the Western trend and, picking up where we left off after phase 3, we have now been able to confirm and extend the strike extents of this trend to the south, while also adding volume to the EP unit to the west. We are looking forward to the assay results considering the excellent grades reported in earlier phase 3 holes along this trend, ATXD-11B and ATXD-23."

Phase 4 update

The phase 4 drill campaign had been planned to continue where phase 3 left off, with the intention to:

1. Further expand the mineralized corridor defined to roughly one kilometre by one km by one km in phase 3.
2. Further define and delineate the high-grade Central and West porphyry trends.
3. Test new targets along strike and to the east and west of the currently defined corridor.

Three diamond drill holes are currently under way:

• ATXD-25 is being drilled from surface on the west side of the Valeriano Ridge. This hole is being drilled east toward the Western porphyry trend, where it will test a corridor of potential mineralization associated with the Western trend porphyry and potentially the western contact of the porphyry. This target is assumed to have rough dimensions of one kilometre along strike, in excess of 500 metres wide and a kilometre of vertical extent, based on previous holes. Should ATXD-25 be successful, multiple daughter holes can be drilled out of it, testing strike and dip continuity of this target.
• ATXD-17A is a daughter hole from ATXD-17 (1,160 metres grading 0.78 per cent copper equivalent (0.53 per cent Cu, 0.28 g/t Au and 70 ppm Mo), reported June 13, 2022, including 550 metres of 1.03 per cent CuEq (0.69 per cent Cu, 0.39 g/t Au and 70 ppm Mo)) and will be testing the vertical extent of the Central high-grade trend as well as the eastern contact of the Western trend porphyry.
• ATXD-16A, a daughter hole being drilled to the west out of VAL-16 (historical hole intersecting 1,045 metres of 0.53 per cent CuEq (0.39 Cu, 0.17 Au and 54 Mo)). This hole has been planned to test the eastern contact of the Central high-grade porphyry trend.
• The first hole attempted in phase 4 was the continuation of ATXD-24 (670 metres of 0.84 per cent CuEq (0.60 per cent Cu, 0.24 g/t Au and 101 ppm Mo), reported July 13, 2023, including 312 metres of 1 per cent CuEq (0.73 per cent Cu, 0.30 g/t Au and 77 ppm Mo)), which was suspended at a depth of 1,842 metres in EP within the Central trend, at the end of phase 3. Multiple attempts to restart the hole were unsuccessful, with in-hole complications finally resulting in the decision to exit the hole and move to a new one. The mineralization intersected in ATXD-24 remains open to the east and other plans are being evaluated to follow up.

Note: CuEq values reported in historical releases use metals reported in situ (100 per cent basis). Recoveries for these metals, as assumed in the National Instrument 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile," with an effective date of Sept. 1, 2023, available at SEDAR+ and at the company's website, are 90 per cent Cu, 70 per cent Au, 80 per cent silver (Ag) and 60 per cent Mo.

Quality assurance/quality control (QA/QC)

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, and Lima, Peru, for gold (Au-AA24), copper (Cu-AA62), molybdenum (Mo-AA62) and silver (Ag-AA62) assays, as well as and multielement 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 of 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, exploration and business development, of 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 Ag and 63.80 g/t Mo), 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), reported in September, 2023.

After completing the company's first limited drill test of the copper-gold porphyry system in 2022, Atex is now following up with a campaign of directional drilling to extend the high-grade trend, test new targets and expand the mineralized envelope.

We seek Safe Harbor.