Mr. Raymond Jannas reports

ATEX INTERSECTS 0.48% CUEQ OVER 1,122 METRES ALONG WESTERN PORPHYRY TREND IN FIRST HOLE OF PHASE IV PROGRAM

Atex Resources Inc. has released complete assay results for drill hole ATXD12A from its phase 4 drill campaign at the Valeriano copper-gold project located in Atacama region, Chile.

Highlights include:

• ATXD12A intersected a longer-than-anticipated mineralized interval of 1,122 metres grading 0.48 per cent copper equivalent (CuEq) (0.37 per cent copper (Cu), 0.14 gram per tonne(g/t) gold (Au), 0.97 g/t silver (Ag) and 57 parts per million (ppm) molybdenum (Mo)) within the Western trend from 864 metres downhole.
• The Western porphyry trend has a mineralized strike length of over 700 metres, and remains open to the north and south along strike.
• Atex currently has three rigs actively drilling on the project.

"Our phase 4 program is off to a strong start," stated Raymond Jannas, president and chief executive officer of Atex. "ATXD12A continues to demonstrate the scale potential of the Valeriano mineralized system with another significant intercept of over 1,000 metres along the Western porphyry trend."

Results

ATXD12A (daughter hole out of historical hole VALDD12-12) was drilled to the west with a dip of 80 degrees and an azimuth of 310 degrees. Hole ATXD12A targeted the Western trend, where it intersected early porphyry (EP) expanding the width of the western porphyry that remains open along strike.

Three diamond drill holes are currently under way:

• ATXD25 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.
• ATXD17A 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.
• ATXD16A, 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 per cent Cu, 0.17 g/t Au and 54 ppm Mo)). This hole has been planned to test the eastern contact for the Central high-grade porphyry trend.

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, or 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 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 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.

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