Mr. Chris Beer reports

ATEX REDUCES NSR ROYALTY ON THE VALERIANO PROJECT

Atex Resources Inc. has reduced the net smelter return (NSR) royalty on the Valeriano project by 0.2 per cent, from 2.5 per cent to 2.3 per cent, as partial consideration for the sale of its 10-per-cent stake in Sociedad Contractual Minera Valleno (SCMV), a private Chilean company. As part of the transaction, the company also received approximately $2.4-million in cash for the shares of SCMV it had purchased in 2023 for just over $1.5-million. Atex retains a right of first refusal (ROFR) on the remaining 2.3-per-cent NSR. The company additionally notes that there is no known royalty burden on the adjacent Nuevo Horizonte land package that includes two potential porphyry targets with similar geological features observed at Valeriano.

Chris Beer, interim president and chief executive officer, commented: "We are very pleased with the outcome to have the NSR royalty burden reduced on the Valeriano project, while at the same time realizing a positive return on a past investment. Opportunities to reduce an NSR royalty while generating proceeds are exceptionally rare. SCMV was instrumental in introducing the Valeriano project to Atex and both parties have benefited from the growth of the company over the past several years. By transferring our investment in SCMV to the existing shareholders and reducing the NSR, both organizations can continue focusing on their respective operations with greater simplicity."

Background

On Jan. 23, 2023, the company, through its fully owned subsidiary, Atex Valeriano SpA, acquired a 10-per-cent equity interest in SCMV, the historical optionor of the Valeriano project, from a third party, for a purchase price of $1,538,868 ($1.15-million (U.S.)). As a result of this acquisition, the company became an indirect owner of 10 per cent of all assets held by SCMV. At the time of the acquisition, SCMV held a 2-per-cent NSR on the Valeriano project, along with shares in Atex, which were issued to SCMV previously and related to initial payments made by Atex when entering into the option on the Valeriano project. Subsequent to the acquisition of the 10-per-cent equity interest in SCMV, Atex issued additional shares to SCMV upon the completion of the Valeriano option by Atex in December of 2024. Further details regarding these historical transactions can be found in the company's annual information form for the year ended Dec. 31, 2025.

The 10-per-cent equity interest in SCMV, along with the cash and equities held by SCMV, translated to an effective ownership by Atex of 0.2 per cent, of the 2-per-cent NSR outstanding. Through exiting the interest in SCMV, Atex was able to extract and cancel the 0.2-per-cent NSR, leaving SCMV with a 1.8-per-cent NSR on the Valeriano project. The remaining 0.5-per-cent NSR, in addition to the 1.8-per-cent NSR held by SCMV, is held by two unrelated third parties, for a total NSR of 2.3 per cent on the Valeriano project. As noted above, Atex retains a ROFR on the remaining NSR.

About Atex Resources Inc.

Atex Resources is a mineral exploration company advancing its flagship Valeriano Copper-gold project, located in the Atacama Region III of Chile, widely recognized as one of the world's most prospective and mining-friendly jurisdictions. The Valeriano project is emerging as one of the leading undeveloped copper assets globally and anchors an expanding, globally significant copper district. As such, it is well positioned to play an important role in meeting future demand amid increasingly constrained global copper supply. Valeriano currently has an indicated mineral resource of 475 million tonnes at 0.88 per cent copper equivalent) CuEq (0.58 per cent copper (Cu), 0.25 gram per tonne (g/t) gold (Au), 1.39 g/t silver (Ag) and 70.4 g/t molybdenum (Mo)), and an inferred mineral resource of 1,511 million t at 0.75 per cent CuEq (0.50 per cent Cu, 0.20 g/t Au, 1.16 g/t Ag and 70.6 g/t Mo), as reported in the company's technical report, entitled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile," dated Nov. 3, 2025, and with an effective date of Sept. 23, 2025.

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