Summary

The Valeriano Project is a large-scale, high-grade copper-gold porphyry system located in the Atacama Region, Northern Chile. ATEX has advanced the project through six phases of drilling, progressively expanding the mineralized system, including a higher-grade upper zone called the “B2B” zone closer to surface, and improving its understanding of the overall deposit geometry. Phase VI, completed in mid-2026, further extended the B2B high-grade zone and the broader porphyry corridor while adding new exploration vectors for the next stage of Valeriano exploration.

Ownership

ATEX Resources holds a 100% interest in the Valeriano copper-gold project.

Location

Valeriano is located in the Huasco Province of Chile’s Atacama Region, approximately 151 kilometres southeast of Vallenar. Vallenar is located approximately 665 km north of Santiago, Chile’s capital. The Project area lies in a remote region of northern Chile with altitude ranging from 3,800 to 4,200 masl, with the Chile-Argentina border forming the property’s eastern limits. Access is achievable by regional infrastructure, with pre-existing haul roads connecting to nearby towns and ports. Following recent land acquisitions, ATEX’s land position in the district covers approximately 25,000 hectares.

Geology

The Valeriano Project is positioned within the prolific Oligocene-Miocene metallogenic belt along the Chile–Argentina border in the emerging “Link Belt” between the El Indio and Maricunga belts. It is an area that hosts some of the largest copper deposits in the world. Three primary phases of Miocene granodioritic porphyry intrusions (Early, Intermineral, and Late Porphyry) are linked to copper-gold mineralization. These phases are associated with rock-milled breccias and hydrothermal breccias, which locally host higher copper grades. One notable hydrothermal breccia subunit is the B2B Breccia, hosting high-grade copper mineralization consisting of primary chalcopyrite-bornite.

Valeriano Drilling by ATEX

Between 2021 and 2026, ATEX has completed six phases of exploration drilling at the Valeriano Project, totaling ~75,000 metres with Phase VI representing a record year.

Sources: Phases I–V — Independent Technical Report for the Valeriano Copper-Gold Project, Table 9-2, p. 58; Phase VI — ATEX financial statements and MD&A disclosures for the 2025–2026 program.

Metallurgical Work

ATEX’s metallurgical programs have evaluated conventional crushing, grinding and flotation for the porphyry mineralization. Reported locked-cycle and variability test work has demonstrated copper recoveries of approximately 91% to 95% to a saleable copper concentrate grading up to approximately 33% copper. Gold recoveries to concentrate are supplemented by additional gold recovery from leaching of the flotation tails, resulting in reported total gold recoveries of approximately 90% to 97%. The test work also indicates that copper-molybdenum separation has the potential to produce a separate molybdenum concentrate.

Nuevo Horizonte – Significant Exploration Opportunity

Beyond Valeriano, the acquisition of the Nuevo Horizonte land package in early 2026 expanded ATEX’s land package by over 50% to approximately 25,000 hectares and provides an opportunity to evaluate the broader district-scale prospectivity. The Company is progressing environmental, social, geochemical and geophysical assessments required to further advance the Nuevo Horizonte targets, which exhibit porphyry alteration signatures ranging in scale from comparable to Valeriano to potentially larger.