Valeriano Project

ATEX's 100%-owned flagship copper-gold project in the Atacama Region of Chile, comprising a large copper-gold porphyry system overlain by a near-surface epithermal gold-oxide cap. The Corporation acquired the remaining 49% interest in Valeriano in August 2023 to consolidate full ownership. An updated independent NI 43-101 mineral resource estimate by SRK Consulting (Canada) Inc. (QP Dr. David Machuca-Mory; effective September 23, 2025) increased size and confidence versus the 2023 estimate, converting 24% of the porphyry resource into the Indicated category. Copper-gold sulphide resources are reported assuming bulk underground extraction above a 0.30% Cu cut-off, while the gold-oxide epithermal resource is reported within a conceptual open pit. There are no mineral reserves. In 2025 the Corporation acquired a ~14,550-hectare strategic surface land package with associated water rights for US$21 million and staked over 12,000 hectares of new exploration claims (Juno to the west, Nueva to the east), and launched its largest program to date, Phase VI, comprising 25,000 m of directional diamond drilling focused on growing the high-grade B2B Zone and testing analogous targets. MRE metal prices: US$2,750/oz Au, US$3.80/lb Cu, US$27.00/oz Ag, US$22.00/lb Mo.