The Globe and Mail reports in its Tuesday edition that TD Cowen analyst Derrick Ma commenced coverage on Atex Resources with a "buy" recommendation. The Globe's David Leeder writes that Mr. Ma sees Atex's Valeriano exploration-stage, copper-gold project in Chile "offering significant resource upside potential from ongoing exploration and strong gold optionality." He sees Atex as "a compelling acquisition target due to its jurisdiction, scale, high-grade mineralization and proximity to other early-stage asset." He set a share target of $4.25, a nickel below the consensus. Mr. Ma says in a note: "Based on the current resource and available exploration data, we believe Valeriano has the potential to become a 150kt+ CuEq underground block cave mine in the future. There is no published preliminary economic assessment or prefeasibility study for Valeriano. Atex is unlikely to build the Valeriano block cave as a standalone company, in our view, due to the technical complexities and the large initial capital requirements. This type of project tends to either be joint ventured or acquired by a major mining company with a lower cost of capital, other operating assets and technical experience/expertise with block cave mining."