Mr. Ben Pullinger reports

ATEX ANNOUNCES CLOSING OF STRATEGIC INVESTMENT BY AGNICO EAGLE AND FINAL SETTLEMENT OF CREDIT FACILITY

Atex Resources Inc. has closed the previously announced $40-million (U.S.) strategic investment by Agnico Eagle Mines Ltd. on a private placement basis, the concurrent settlement of the company's $15-million (U.S.) credit facility and a $500,000 (Canadian) equity investment by a recently appointed Atex director.

Under the offering, Agnico acquired 33,869,939 units of the company, each consisting of one common share and one-half of one common share purchase warrant, at a price of $1.63 (Canadian). Each full warrant entitles Agnico to purchase one common share at a price of $2.50 (Canadian) for a period of 60 months from the issue date, subject to acceleration under certain conditions. From and after Jan. 1, 2026, if the volume weighted average price of the common shares exceed $3 (Canadian) for 20 consecutive trading days, Atex shall have the right to accelerate the expiry date of the warrants to 30 calendar days from the date that notice of acceleration is provided to the holder. As previously announced, Agnico and Atex entered into an investors rights agreement in connection with closing of the offering.

Proceeds from the offering will be allocated toward the company's exploration activities at the Valeriano copper-gold project, located in the Atacama region, Chile, and for general corporate purposes.

Concurrently with closing of the offering, the company closed its previously announced private placement of 306,748 units to board member Rick McCreary on the same terms as the offering, for aggregate gross proceeds of $500,000 (Canadian). The McCreary placement is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101, Protection of Minority Holders in Special Transactions, by the application of sections 5.5(a) and 5.7(1)(a) of MI 61-101.

BMO Capital Markets and Trinity Advisors Corp. have acted as financial advisers to Atex in connection with the offering.

Lastly, the company has settled its $15-million (U.S.) credit facility with Firelight Investments, Beedie Capital, Trinity Capital Partners and two arm's-length parties through the issuance to the lenders (other than Firelight Investments) of approximately 7.9 million units (on the same terms as the offering) and approximately 5.5 million common shares to Firelight Investments at a deemed issue price of $1.42 (Canadian). Trinity Capital Partners became a lender under the credit facility pursuant to an assignment of certain obligations thereunder in February, 2024, and will accordingly participate in the debt settlement. Firelight Investments is a related party of the company. The debt settlement with Firelight Investments is exempt from the formal valuation and minority approval requirements of MI 61-101 by the application of sections 5.5(a) and 5.7(1)(a) of MI 61-101.

The securities issued or made issuable pursuant to the offering, McCreary placement and debt settlement are subject to a statutory four-month-and-one-day hold period under applicable Canadian securities laws, which expires on March 2, 2025.

Following the closing of these transactions, Agnico owns approximately 13 per cent of Atex's issued and outstanding common shares on a non-diluted basis.

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, located in the Atacama region, Chile. 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). The Valeriano project hosts a large copper gold porphyry mineral resource: 1.41 billion tonnes at 0.67 per cent copper equivalent (CuEq) (0.50 per cent copper (Cu), 0.20 gram per tonne (g/t) gold (Au), 0.96 g/t silver (Ag) and 63.80 g/t molybdenum (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), as reported by Atex on Sept. 12, 2023 (1).

(1) Please see the National Instrument 43-101 technical report, titled, "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile," by Joled Nur, CCCRRM-Chile, and David Hopper, CGeol, with an effective date of Sept. 1, 2023, filed on SEDAR+ on Oct. 25, 2023, for additional details on the 2023 mineral resource estimate for the Valeriano project.

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