Mr. Chris Beer reports

ATEX ANNOUNCES RECEIPT OF $52.5 MILLION FROM WARRANT EXERCISES

Further to Atex Resources Inc.'s announcement dated Jan. 21, 2026, that it has received proceeds of approximately $52.5-million from the exercise of all 21,057,477 common share purchase warrants of the company. The warrants had an exercise price of $2.50 and were originally issued on Nov. 1, 2024.

Following the exercise of the warrants, the company has a cash balance of approximately $140-million, and share capital consists of approximately 368 million common shares issued and outstanding. In addition, 42.3 million common share purchase warrants remain outstanding at an exercise price of $4.00 expiring Nov. 6, 2029, subject to acceleration. If fully exercised, this tranche of warrants would provide additional funding of approximately $169-million to support the continued exploration and development of the Valeriano district.

"Atex would like to thank our shareholders and board, for their continued support and confidence demonstrated through the exercise of the warrants," commented Chris Beer, interim chief executive officer of Atex. "These proceeds further strengthen our balance sheet and support Atex's continued advancement and derisking of the Valeriano project. In addition, the company is expanding its phase VI drill program by adding approximately 5,000 metres of cost-efficient drilling focused on further delineation of the B2B zone and testing surrounding high-grade breccia targets. Phase VI has been Atex's most successful program to date, with about 21,000 of the originally planned 25,000 metres already completed. We look forward to providing continued updates to the market in the coming months."

Expanded phase VI drill program

Atex is pleased to announce the expansion of its phase VI drill program by approximately 5,000 metres. The additional drilling is designed to:

• Further delineate and expand the B2B zone;
• Test surrounding high-grade breccia targets and associated structures;
• Support continued mineral resource growth.

With the majority of fixed costs already absorbed, the incremental metres are expected to be completed at a lower marginal cost per metre, enhancing capital efficiency and maximizing return on exploration investment.

Qualified person

Ben Pullinger, PGeo, registered with the Professional Geoscientists Ontario, is a qualified person (as defined by National Instrument 43-101 -- Standards for Disclosure for Mineral Projects) and has reviewed and approved the scientific and technical disclosure in this news release on the Valeriano copper gold porphyry project. Mr. Pullinger, a former senior officer and director of the company, is not considered to be independent of the company for purposes of Section 1.5 of National Instrument 43-101. Mr. Pullinger resigned as president and chief executive officer of the company, and from the board of directors of the company effective Jan. 31, 2026, and continues to serve as an adviser to the company in connection with its technical disclosure during a transition period.

About Atex Resources Inc.

Atex is exploring the 100-per-cent-owned, large-scale, high-grade Valeriano copper-gold project which is located in Region III of the Atacama, Chile. It is situated 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 hosts several copper-gold porphyry deposits at various stages of development including, Filo del Sol (Lundin Mining/BHP), Josemaria (Lundin Mining/BHP), Lunahausi (NGEx Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick). The company is currently executing on multirig drill campaigns at Valeriano, targeting high-grade breccia zones and high-grade porphyry mineralization, with system limits not yet defined. Valeriano is establishing itself as the leading exploration-development project within an emerging copper district.

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