ATEX Resources : Valeriano Project Update - November 2023

VALERIANO

Defining a Copper Gold Giant in Chile

Nov 2023

TSXV:1 ATX

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 Senior Vice President Exploration and Business Development of ATEX. He has reviewed and approved the disclosure of the scientific and technical information contained in this presentation.

The Qualified Person, as defined by National Instrument 43-101 of the Canadian Securities Administrators, for ATEX's exploration activities in Chile prior to June 2022 is Sergio Diaz, a resident of Santiago, Chile. Mr. Diaz is a Public Registered Person for Reserves and Resources No. 51, in Chile and is also registered in the Colegio de Geólogos de Chile under No.315.

RESOURCE ESTIMATE DISCLOSURE

The September 2023 Mineral Resource Statement was prepared by.Mr. Joled Nur, Civil Mining Engineer, SRK Consulting (Chile) SpA . Mr Nur is responsible for the Valeriano resource estimates and a is member of the Public Register of Competent Persons in Mining Resources and Reserves of Chile, No. 181, is the independent qualified person ("QP"), as defined by National Instrument 43-101 Standards for Disclosure for Mineral Projects..

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

A Chilean focused exploration company

• Significant Inferred Cu-Au Porphyry Resource of 1.4 Bt @ 0.67% CuEq* (0.5% Cu, 0.20 g/t Au, 0.96 g/t Ag and 64 g/t Mo announced Sept 2023
• Commencing Phase IV program targeting >20,000m
• Operated by a team with a record of significant South American discoveries.
• • La Fortuna, Volcan and Cerro Maricunga.
  • Lead teams that discovered Pascua-Lama, Cortadera and Salares Norte (Chile), Chucapaca (San Jose), Orcopampa (Chipmo), Peru.
  • 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

Investment Opportunity

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

mineralization with a grade of 0.67% CuEq* (0.5% Cu, 0.20 g/t Au, 0.96 g/t Ag and 64 g/t Mo)

Central High-grade Porphyry Trend emerging, currently containing ~200 Mt at 0.84% CuEq* (0.5% Cu cut-off) within Early Porphyry.

Second high-grade porphyry trend, The Western Trend, discovered in Phase III with multiple intersections along a 700m strike length where it remains open

Dimensions of system tested by drilling measuring >1,000m along strike and >1,000m wide and open in all directions - Phase IV started in early Q4

Multiple world class intersections with > 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 Super Highway

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

Valeriano/El Encierro Trend-Emerging World Class District

Valeriano Mineralized Corridor - 1,000m X 1,000m

El Encierro

Antofagasta (51%) Barrick (49%)

4,400 m

ATEX CAMP

3,800 m

Barrick

Valeriano

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
• 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

• 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"

02,500m

*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

Geographical Advantage for Underground Access

Valeriano Cu-Au Porphyry Resource

• 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

500 m

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

Phase III Recap - High-Grade and Significant Growth

Phase III Objectives

• A second high grade porphyry trend, "The Western Trend" was discovered in ATXD-11B
• ATXD-23Successfully extended Western Trend 200 metres north and remains open
• In total 12,513 metres completed in 4 surface holes and 4 daughter holes
• Daughter holes resulted in a saving of ~3,000 meters of drilling
• All holes in program intersected significant mineralization

ATXD23

964m @ 0.68% CuEq

Incl. 602m @ 0.76% CuEq

ATXD11B

1,342.5m @ 0.70% CuEq

Incl. 1,010m @ 0.76% CuEq

ATXD11A

1,270.1m @ 0.59% CuEq

Incl. 170m @ 0.76% CuEq

ATXD241

669.4m @ 0.81% CuEq Incl. 357m @ 0.68% CuEq And incl. 312.4m @ 0.94% CuEq

VAL09

852m @ 0.62% CuEq

ATXD17

1,160m @ 0.75% CuEq

Incl. 550m @ 0.98% CuEq

	CuEq Grade
	>0.3%
	>0.4%
	>0.8%
	Mineralized trends
ATXD22B1	Early Porphyry
947m @ 0.64% CuEq
	Late Porphyry
ATXD22	Cu-Au Porphyry 0.3 %
970m @ 0.49% CuEq	Cut-off
	Completed holes

ATXD22A

546.7m @ 0.45% CuEq

ATXD19

647m @ 0.63% CuEq

VAL16

1,045m @ 0.53% CuEq

	ATXD21			VAL14
428m	@ 0.47% CuEq
		1,194m @ 0.70% CuEq
Incl. 168m	@ 0.57% CuEq
0	400	Incl. 272m @ 0.92% CuEq

metres

1 Drill holes ATXD22B and ATXD 24 were suspended at end of Phase III and will be completed in Phase IV

*See slide 29 for disclosure summary for reported drill holes

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

Valeriano - 2023 Cu-Au Porphyry Resource Exceeds Market Expectations

Valeriano Cu-Au Porphyry Resource

4,600 m

Resource take aways:

1

• ATEX's objectives at Valeriano are to:

4,000 m

1. Demonstrate significant size potential for the Cu-Au Porphyry and

2. Establish a high-grade core of sufficient size to derisk a potential future	3,400 m

operation.

2,800 m

The updated Sept 2023* MRE delivers on both fronts:

1. Substantial Resource - Inferred Mineral Resource of 1.4 Billion tonnes,	2,200 m
	ASL

grading 0.67% CuEq* (0.50 % Cu, 0.20 g/t Au, 0.96 g/t Ag and 63.8 ppm Mo at

a cut-off grade of 0.4% Cu.

HG Core

RMB

LP

Western Trend EP	EP
	Eastern Trend
	EP

Central Trend

413,800 mE

0.3 % Cu6,778,200mN

grade-shell

RHYO

2. High-Grade Core - ~200 million tonnes grading 0.84% CuEq (0.62% Cu, 0.29

g/t Au, 1.25 g/t Ag and 55.7 g/t Mo (0.50% Cu cut-off)).	LP	Late	RMB	Rock Milled	RHYO	Rhyolite
		Porphyry		Breccia		Tuff

1 Intervals > 0.15 % Cu shown on drill holes

EP	Early
Porphyry

• Mineralized corridor and high-grade trends remain open for further growth

*Refer to slide 28 for disclosure related to MRE

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

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

Metal Contribution by $ Within

Resource

23%

70%

6%

1%

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