Mr. Ben Pullinger reports

ATEX INTERSECTS 30 METRES OF 4.40% CUEQ IN HIGHEST-GRADE PORPHYRY INTERSECTION AT VALERIANO TO DATE

Atex Resources Inc. has provided an update on its phase V program at the Valeriano copper-gold project, located in the Atacama region, Chile. The company currently has five diamond drill rigs operating, five holes completed and another five in progress. To date, 9,675 metres of drilling has been completed in phase V. Atex has appointed Dr. Christine Rainaud as exploration director. Dr. Rainaud brings decades of senior mineral exploration experience to the Atex team, where she will play a key role in advancing exploration at the Valeriano project.

Highlights include:

• Partial assays, including a high-grade intersection in ATXD25A of 30 metres (m) grading 4.40 per cent copper equivalent (CuEq) (2.21 per cent copper (Cu), 3.17 grams per tonne (g/t) gold (Au), 15.1 g/t silver (Ag) and three g/t molybdenum (Mo)) within a broader interval of 108 m of 1.69 per cent CuEq (0.87 per cent Cu, 1.18 g/t Au, 5.5 g/t Ag and nine g/t Mo) from 1,892 m downhole, with results above and below this interval pending:
  • ATXD25A continued drilling from a depth of 1,454 m, where it was paused at the end of phase IV, targeting the northern extension of the high-grade porphyry trend.
  • This represents the highest-grade and northernmost intersection within mineralized porphyry to date, extending the previously identified high-grade trend by 200 m to a length of approximately 1,000 m, where it remains open.
  • A new high-grade, bornite-bearing enrichment zone was intersected, with the hole completed at 2,232 m downhole, achieving a new record hole length at Valeriano and ending in high-grade mineralized porphyry. This intersection is 1,000 m below the B2B zone, representing a new exploration target that will be tested 200 m updip in hole ATXD25B.
• The complete results for ATXD16B significantly increase the length of previously reported intersections (i) to 232 m of 1.00 per cent CuEq (0.75 per cent Cu, 0.31 g/t Au, 1.2 g/t Ag and 88 g/t Mo) within a broader interval of 780 m of 0.76 per cent CuEq (0.56 per cent Cu, 0.23 g/t Au, 0.9 g/t Ag and 90 g/t Mo) from 1,044 m downhole:
  • ATXD16B extended the high-grade porphyry trend by approximately 120 m to the southeast, where it remains open.
• ATXD23A intersected 152 m of 2.12 per cent CuEq (1.52 per cent Cu, 0.75 g/t Au, 4.9 g/t Ag and 161 g/t Mo) within a broader interval of 342 m of 1.52 per cent CuEq (1.05 per cent Cu, 0.47 g/t Au, 3.0 g/t Ag and 326 g/t Mo) from 1,226 m downhole:
  • The complete results for ATXD23A have significantly increased the total mineralized intersection to 1,220 m of 0.91 per cent CuEq (0.66 per cent Cu, 0.28 g/t Au, 1.9 g/t Ag and 130 g/t Mo) from 822 m downhole.
• Two rigs are currently dedicated to defining the high-grade breccia B2B zone with two others focused on infill drilling within the higher-grade Valeriano porphyry units. A fifth rig is drilling ATXD25B, a follow-up hole to ATXD25A.
• Dr. Christine Rainaud joins Atex as the new exploration director, with over 25 years of international exploration experience, most recently with BHP, and formerly with Santiago Metals, PanAust, Gold Fields, SRK and First Quantum Minerals.

"Valeriano keeps getting better with every hole in the phase V program to date intersecting significant high-grade mineralization and setting new records for the project," stated Ben Pullinger, president, and chief executive officer of Atex. "Hole 25A has successfully extended the high-grade porphyry trend to approximately 1,000 m, where it remains open. With both the B2B zone and the Valeriano porphyry delivering the best drill results ever in phase V, the project continues to demonstrate its potential as an internationally significant new copper-gold deposit. I am also excited to have Christine join our team; her demonstrated expertise and leadership experience will be a valuable asset to our company. I also want to thank Dr. Owen Hatton for his contributions to the Valeriano project and I wish him all the best in his future endeavours."

Dr. Rainaud joins Atex as exploration director

Effective as of March 10, 2025, Atex appointed Dr. Rainaud as exploration director, succeeding Dr. Hatton, who is stepping down from the role for personal reasons. Dr. Rainaud is a senior geologist with a PhD in economic geology and over 25 years of international experience in minerals exploration in both South America and Africa, most recently as Chile exploration manager with BHP, and formerly with Santiago Metals, PanAust, Gold Fields, SRK and First Quantum Minerals. Her experience includes managing projects from the exploration stage through to feasibility, multidisciplinary team management, integration of high standards in safety, environment, inclusion, and team and culture diversity. Dr. Hatton will continue to work with the team to ensure a smooth transition and operational continuity, and will work closely with Dr. Rainaud during the remainder of the phase V program.

Phase V update -- five holes completed, five holes actively drilling

To date, 9,675 m have been drilled in the phase V program with five holes completed, including ATXD23A, ATXD23B, ATXD16B, ATXD27A and ATXD25A, and an additional five holes actively drilling. Additional details on these holes are provided in the subsequent sections. Using directional drilling techniques and drilling daughter holes, Atex has saved approximately 7,000 m of drilling, compared with conventional drilling, resulting in a much more effective and efficient program. Daily drill production continues to increase month on month, placing Atex on track to achieve its targeted metres for the overall phase V program. Current and subsequent drill holes will continue to target infill, extension and high-grade breccia targets.

B2B exploration:

• ATXD27A (completed at 2,148 m) is a daughter hole from ATXD27, which was paused at 944 m at the end of phase IV. The target for ATXD27A was the northern extension of the breccia corridor, 140 m to the north of where the target was intersected in ATXD23A and in an area never tested before. ATXD27A drilled through host rock and from 1,043 m to 1,397 m and entered a zone of alteration like that seen in drill holes ATXD23A and ATXD26. The hole ended in early porphyry with chalcopyrite-bornite mineralization after intersecting the contact at 2,048 m.
• ATXD23B (completed at 1,999 m) is a daughter hole from ATXD23A, stepping out 100 m above ATXD23A, and is approximately 100 m along strike, to the north, of ATXD26. The drill hole targeted updip extensions, toward surface, of high-grade mineralization intersected in ATXD23A. From 1,723 m to 1,897 m, this hole intersected a zone of alteration and mineralization like that intersected 100 m above in ATXD23A.
• ATXD27B (continuing at 764 m) is the second daughter hole from ATXD27. The hole is currently drilling in mineralized host rock and will be targeting the B2B zone 150 m to the northeast of the high-grade breccia intersected in ATXD26 and ATXD23A.
• ATXD29 (continuing at 223 m) is a parent hole above the B2B zone. The hole is targeting updip potential of the high-grade B2B zone, approximately 100 m above the high-grade intersections in ATXD26 and ATXD23A.

Valeriano porphyry exploration:

• ATXD25A (completed at 2,232 m) continued from where it was paused at the end of phase IV at a depth of 1,454 m, targeting the northernmost extensions of the known mineralized footprint. ATXD25A is a daughter hole to the north of ATXD25 (862.2 m of 0.62 per cent CuEq (0.42 per cent Cu, 0.27 g/t Au, 1.72 g/t Ag and 26 g/t Mo), including 114 m of 0.88 per cent CuEq (0.54 per cent Cu, 0.48 g/t Au, 2.95 g/t Ag and six g/t Mo), within a broader interval of 350.2 m grading 0.75 per cent CuEq (0.45 per cent Cu, 0.42 g/t Au, 2.60 g/t Ag and three g/t Mo)) (ii) and intersected the targeted mineralized porphyry at 1,771 m to its final depth of 2,232 m. A bornite-bearing hydrothermal breccia zone was intersected from 1,892 m to 1,902 m and the hole was completed at 2,232 m downhole, achieving a new record hole length at Valeriano. As this deeper hydrothermal breccia is directly below intersections in the B2B breccias, it could possibly be a feeder zone to these intersections.
• ATXD22C (continuing at 1,793 m) is a daughter hole from ATXD22, designed to infill drill and increase the confidence level of the inferred mineral resource, drilling at nominal 150 m centres on previously defined high-grade zones within the existing porphyry footprint. The hole intersected mineralized porphyry at 1,375 m downhole, early porphyry from 1,580 m to 1,666 m and is continuing in mineralized porphyry. The hole will continue to an approximately depth of 2,000 m.
• ATXD25B (continuing at 1,542 m) is a daughter hole from ATXD25 and a follow-up to ATXD25A. The hole is designed to test mineralized intersections approximately 200 m updip. The drill hole is currently in host rock.
• ATXD28 (continuing at 1,622 m) is a parent hole from the same platform as ATXD19 and is being drilled from surface. The hole is designed to infill drill on previously defined high-grade zones within the existing porphyry footprint to increase confidence in the inferred mineral resource, drilling at nominal 150 m centres. The drill hole intersected early porphyry from 1,246 m to 1,276 m and is currently drilling in mineralized porphyry.

Quality control and quality assurance (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 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 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 multielement ICP (inductively coupled plasma) (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.

Qualified person

Dr. Owen Hatton, PhD, MAusIMM, registered with the Australasian Institute of Mining and Metallurgy (AusIMM), is the qualified person, as defined by Canadian Securities National Instrument 43-101, Standards for Disclosure for Mineral Projects, for the Valeriano copper-gold porphyry project. Dr. Hatton is the former exploration director of Atex and currently is a senior geology adviser, and therefore he is still not independent of Atex for the purposes of NI 43-101. He has reviewed and approved the disclosure of the scientific and technical information contained in this news 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, 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 (Lundin Mining/BHP), Josemaria (Lundin Mining), Lunahausi (NGEx Minerals), 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 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), as reported by Atex on Sept. 12, 2023 (iii).

(i) See the news release dated Feb. 24, 2025, titled, "Atex Extends High-Grade Porphyry Trend Intersecting 220 Metres of 1.00% CuEq Within Broader Intercept with Remaining Assays Still Pending."

(ii) See the news release dated April 30, 2024, titled, "Atex Step Out Drilling Intersects 114 Metres of 0.88% CuEq Within a Broader Interval of 862.2 Metres of 0.62% CuEq."

(iii) See the NI 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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