ATEX Resources : Valeriano Project Update - May 2024

VALERIANO

Defining a Copper Gold Giant in Chile

May 2024

TSXV:1ATX

Cautionary Statements

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements, including predictions, projections, and forecasts. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward- looking statements.

Such forward-looking statements include, among others: plans for the evaluation of exploration properties including the Valeriano Copper-Gold Project; the success of evaluation plans; the success of exploration activities; mine development prospects; potential for future metals production; changes in economic parameters and assumptions; all aspects related to the timing and extent of exploration activities including the Phase III drill program contemplated in this press release; timing of receipt of exploration results; the interpretation and actual results of current exploration activities and mineralization; changes in project parameters as plans continue to be refined; the results of regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of economic and technical studies; delays in obtaining governmental and local approvals or financing or in the completion of exploration; timing of assay results; as well as those factors disclosed in ATEX's publicly filed documents.

Although ATEX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

DISCLOSURE FOR U.S. INVESTORS

The securities described herein have not been and will not be registered under the U.S. Securities Act 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws. Accordingly, the securities described herein will not be offered or sold in the United States except in reliance on exemptions from registration provided under the U.S. Securities Act and the rules thereunder. Securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an exemption from such registration. Under no circumstances is this presentation or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and neither any part of this written or oral presentation nor any information or statement contained herein or therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation should not be construed as legal, financial or tax advice to any investor, as each investor's circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. There are certain risks inherent in an investment in the securities of the Company that prospective investors should carefully consider before investing in the securities of the Company

QUALIFIED PERSONS

Mr. Ben Pullinger, P.Geo. registered with the Professional Geoscientists Ontario, 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. Mr. Pullinger is the President and CEO of ATEX Resources. He has reviewed and approved the disclosure of the scientific and technical information contained in this presentation.

RESOURCE ESTIMATE DISCLOSURE

For further information, please see ATEX's NI 43-101 compliant 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 September 1, 2023, prepared for ATEX by SRK Consulting (Chile) SpA. A copy of the foregoing technical report is available on ATEX's websiteand also under ATEX's SEDAR+ profile at

www.sedarplus.com.

The September 2023 Mineral Resource Statement was prepared by Joled Nur, Civil Mining Engineer, SRK Consulting (Chile) SpA. Mr. Nur was responsible for the Valeriano resource estimates and is a member of the Public Register of Competent Persons in Mining Resources and Reserves of

Chile, No. 181.

The underground Cu-Au porphyry inferred resource is reported above a cut-off grade of 0.40% Cu. The underground resources are reported inside a constraining shape generated at a cut-off grade of 0.3% Cu based on a Cu price of US$3.15 a Au price of US$1,800/oz, a Ag price of US$23/oz, and a Mo price of US$20 recoveries 90% for Cu, 70% for Au, 80% for Ag and 60% for Mo and informed by benchmark economic inputs including mining costs, milling costs recoveries, G&A and metals sales costs. The following formula was used for the Cu equivalent calculation - CuEq % = Cu % + (6481.488523

• Au g/t/10000) + (94.6503085864 * Ag g/t/10000) + (4.2328042328 * Mo g/t/10000). Tonnage and grade estimates are in metric units. Contained gold ounces are reported as troy ounces.

The gold oxide inferred resource estimate is constrained within an optimized pit shell at a cut-off grade of 0.275 g/t gold based. The cut-off grade is calculated using a gold price of US$1,800/oz, a silver price of US$23/oz, and gold and silver recoveries of 78% for gold and 50 % for silver and bbenchmark economic inputs including mining costs, milling costs recoveries, G&A and metals sales costs were applied. The formula used for the gold equivalent calculation was: AuEq g/t = Au g/t + (0.00840643275 * Ag g/t) Tonnage and grade estimates are in metric units. Contained gold ounces are reported as troy ounces.

CAUTIONARY NOTE TO INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

This presentation also includes reference to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources and Mineral Reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on, among other things: (i) fluctuations in the price of copper and gold; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) changes in proposed mining operations, including dilution; or (v) the possible failure to receive required permits, approvals and licenses.

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	2

ATEX Overview

1. Chilean focused exploration company advancing a significant copper-gold deposit - "Valeriano"

• Successful Phase IV drill program totaling approximately 12,000m, has returned the highest grades to date
• Valeriano system remains open for expansion in Phase V
• Managed by a team with a record of significant South American discoveries

1. La Fortuna, Volcan and Cerro Maricunga

1. Lead teams that discovered Pascua-Lama, Cortadera and Salares Norte (Chile), Chucapaca (San Jose), Orcopampa (Chipmo), Peru

• 1. Acquired Cerro Corona (Peru), Cerro San Pedro (Mexico)
• ATEX owns a 49% interest (Sept 2023) in the Valeriano Project and is on track to achieve 100% by September 2025

*Refer to slide 28 for details on Resource CuEq calculation

**Refer to slide 29 for disclosure summary for reported drill holes

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	3

A Rare Investment Opportunity

Significant Inferred Resource containing 1.41 billion tonnes of Cu-Au mineralization

grading 0.67% CuEq* ((0.5% Cu, 0.20 g/t Au, 0.96 g/t Ag and 64 g/t Mo) at 0.4% Cu Cutoff)

High-grade Porphyry Trend emerging, MRE 2023 Central Trend hosts ~200 Mt at 0.84% CuEq* (0.5% Cu cut-off)., open in all directions

Phase IV drilling confirming confluence of Porphyry trends into continuous NNW trending body with limits still not defined

Dimensions of system tested by drilling through Phase IV measures >1,200m along strike and >1,000m wide and open in all directions

Multiple world class intersections of >1,000m of continuous Cu-Au mineralization above a grade of 0.40% CuEq**

*Refer to slide 28 for details on Resource CuEq calculation **Refer to slide 29 for details on drill hole CuEq calculation

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	4

VALERIANO - On the Porphyry Superhighway

SOUTH

LOCATION

ATEX's Valeriano Project is located in the Huasco Province within the Atacama Region of northern Chile and is situated approximately 151 kilometres southeast of the City of Vallenar.

PROJECT AREA

The Project includes 15 exploitation concessions and two exploration concessions covering 3,795 hectares.

NEARBY INFRASTRUCTURE

201 kilometres by road southeast of the Port of Huasco and 346 kilometres by road northeast of the Port of La Serena.

PERU

SOUTHERN PERU

BOLIVIA

BRAZIL

COLLAHUASI

PARAGUAY

CHUQUICAMATA

ESCONDIDA

VICUÑA

EL ENCIERRO Anto/ABX

VALERIANO

LOS PELAMBRES

ANDINAURAGUAY

LOS BRONCES

EL TENIENTE

ARGENTINA	N
CHILE
0	500km

AMERICA

				NUEVA UNION
Huasco				(Teck/Newmont)
	RELINCHO
COSTA FUEGO Vallenar				LA FORTUNA/EL
			MORRO
(Hot Chili)				EL ENCIERRO
Huasco				Anto/ABX
Elqui				VALERIANO
La Serena		50km

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	5

Valeriano/El Encierro Trend-Emerging World Class District

Valeriano Early Porphyry Trend tested along 1.2 km strike length, remains open

CODELCO

Drilling

Valeriano Cu-Au Porphyry Resource

• ~22,000 metres of drilling in 9 holes by ATEX

(Phase II and Phase III) and 5 historical holes

included in Resource

EL ENCIERRO

Anto/ABX

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V

A

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I

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• 1.41 Bt @ 0.67% CuEq* Inferred Resource

(0.50% Cu, 0.20 g/t Au, 64 ppm Mo @ 0.4% Cu

cut-off)1

El Encierro Cu-Au Porphyry Resource

ATEX CAMP

> 1.2 KM

3,800 m

4,400 m

	VALERIANO
EP Trend projected to surface	0	2,500m

• 47,970 metres of drilling in 37 holes.
• 522Mt @ 0.79% CuEq Inferred Resource (0.65% Cu, 0.22 g/t Au, 74 ppm Mo @ 0.5% Cu cut-off)2
• Inferred Resource occurs within 2,459 Mt @ 0.56% CuEq (0.46% Cu, 0.16 g/t Au, 73 ppm Mo @ 0.35% Cu cut-off) "Global Inventory"

*Refer to slide 29 for details on drill hole CuEq calculation 1Refer to slide 28 for disclosure related to MRE

2Cited from Antofagasta PDAC Presentation and release dated June 14, 2022

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	6

Metallurgical Program Results

• ROBUST COPPER AND GOLD RECOVERIES - Copper recoveries ranging from 91% to 95% and total gold recovery ranging from 83% to 94%, using a combination of flotation (Cu, Au) and cyanidation of cleaner tails (Au).
• ATTRACTIVE CONCENTRATE GRADES - Desirable concentrate grades of 26% to 31% Cu and 7g/t to 12g/t Au with negligible deleterious elements.
• SIMPLE COMMUNUTION - The test work has demonstrated that Valeriano mineralized material is amenable to SAG and ball milling.
• COPPER-MOLYBDENUMSEPARATION UPSIDE - Cu-Mo separation could produce a molybdenum concentrate at 65%-75% Mo recovery.

		Concentrate Grade	Recovery Flotation	Flotation +
		Leach
Comp ID	Cu % Au g/t	Ag g/t	Mo ppm	Cu % Ag % Mo %	Au %
High Grade (EP)	31	12	52	2,021	95	89	83	94
Medium Grade (EP)	31	10	90	1,240	94	89	71	94
Wall Rock	26	7	37	3,605	91	78	80	83
Resource Assumptions					90	80	60	70

Cross-section through 2023 MRE	Plan View
NE Facing
4,500
Volcanic Sequence
(VC)	Rhyolitic Tuff
A	A'
(RHYO)
3,900
		0	500m
3,300		High-grade
		Medium-grade

	Wall Rock
Rock Milled Breccia
(RMB)	EP in drill hole
2,700
	Conceptual
	EP
2,200	2023 MRE EP
masl
0	500m

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	7

MRE Cu-Au Porphyry Resource Summary

Cu

Copper

Au

Gold

Ag

Silver

Mo

Molybdenum

Cu

Inferred

15.5 Billion lbs

Au

Inferred

9.01 Million Ounces

Ag

Inferred

43.6 Million Ounces

Mo

Inferred

90.1 Thousand tonnes

2023 MRE Shapes

Metal contribution by $ within resource

Cu	Au
23%
70%
Mo
						0.3 % Cu
	6%	Ag
		EP			grade shell
		1%	EP	EP
			Facing NNE		0	500m

Mineral Resource Statement, Valeriano Project, Atacama Region, Chile. SRK Consulting (Chile) SpA., Sept 1, 2023

Refer to slide 28 for disclosure related to MRE

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	8

Geographical Advantage for Underground Access

EL ENCIERRO
C
A
J
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N
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		O	3,800 masl
			200 m

0.3 % Cu grade shell

VALERIANO

RIO VALERIAN

O

3,600 masl

Valeriano Cu-Au Project

• Topography favorable for establishing underground access for a potential mining operation, from valleys either to the east or west of the project
• Mineralization starts approximately 200m below valley floor and is open at depth

Conceptual Early Porphyry

Drill hole intercepting

Early Porphyry

Isometric view facing NNE

500 m

2,200 masl

01,000m

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	9

Phase IV - Evolving Geology Model Delivers Further Upside

• ATXD26 - New high-grade,copper-gold-

silver enriched low sulphidation

epithermal system, intersecting 68.0m @

2.02% CuEq within a broader intercept of

356m @ 0.98% CuEq

• ATXD16A - Expands EP into gap between

Central and Eastern trends, intersecting

852m @ 0.82% CuEq incl. 594m @ 0.92%

CuEq and incl. 112m @ 1.42% CuEq

• ATXD25 - Expands EP to the NNW,

intersecting 114m @ 0.88% CuEq within a

broader interval of 862.2m @ 0.62% CuEq

• New conceptual model for NNW trending

High-Grade EP corridor emerging

Plan view

ATXD25A IV

Paused

ATXD25IV

862.2m @ 0.62% CuEq

ATXD12A IV

1,122m @ 0.48% CuEq

ATXD17A IV

924m @ 0.61% CuEq

ATXD27 IV

Paused

UNTESTED UNTESTED

ATXD26IV

978m @ 0.75% CuEq

Incl. 356m @ 0.98 % CuEq

And Incl. 122m @ 1.60 % CuEq

And Incl. 68m @ 2.02 % CuEq

ATXD26A IV

Paused

UNTESTED

CuEq (%) below 3,500 masl

• 1.0
  0.8
  .6

EP Interpretation at 2,750 masl (2023 MRE)

Conceptual Early Porphyry (EP) corridor

MVI - magnetics contour

0.3% Cu shell

(2023 MRE)

• All holes in Phase IV program have

intersected significant mineralization

• Three uncompleted drill holes (ATXD25A,

ATXD26A and ATXD27) to be extended in the

next drilling season - Assays for partial holes

expected mid June

ATXD16A IV

852m @ 0.82% CuEq

ATXD17B IV

504m @ 0.56% CuEq Follow-up with deeper Drilling

IV Phase IV drill hole

See slide 29 for disclosure summary for reported drill holes

0 300

metres

To be completed next drill season

High-Grade Trend >0.8% CuEq

VALERIANO: Defining a Copper Gold Giant in Chile	TSXV: ATX	10