ATEX Clarifies Technical Disclosure

Toronto, May 11, 2023 - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") announces that as a result of a continuous disclosure review by the British Columbia Securities Commission, it is issuing this news release to clarify disclosure with respect to certain of the scientific and technical information included in the Company's annual information form filed on March 6, 2023 (the "AIF") and its NI 43-101 technical report entitled "Valeriano Project, Inferred Resource Estimates, Atacama Region, Chile," with an effective date of November 13, 2020 (the "Technical Report").

Pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), an updated NI 43-101 compliant technical report is required for the Valeriano Project based on certain of the scientific and technical disclosure in the AIF. Until an updated NI 43-101 compliant technical report is filed by the Company with applicable regulatory authorities, certain of the scientific and technical information in the AIF that is not supported by the Technical Report should not be relied on. The Company has commenced work on an updated 43-101 technical report for the Valeriano Project and will make a further announcement as to anticipated filing time of such report as soon as practicable.

Further, and separate from the NI 43-101 technical report item addressed above, ATEX will also update and clarify additional disclosure contained on its website and its fact sheet and corporate presentation to address certain comments received on the disclosure contained therein.

About ATEX Resources Inc.

ATEX is exploring the Valeriano Copper Gold Project which is located within the emerging copper gold porphyry mineral belt linking the prolific El Indio High-Sulphidation Belt to the south with the Maricunga Gold Porphyry Belt to the north. This emerging belt, informally referred to as the Link Belt, hosts several copper gold porphyry deposits at various stages of development including, Filo del Sol (Filo Mining), Josemaria (Lundin Mining), Los Helados (NGEX Minerals/JX Nippon), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold).

For further information, please contact:
Raymond Jannas
President & CEO
Email: rjannas@atexresources.com

or visit ATEX's website at www.atexresources.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This news release 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: timing of the filing of an updated NI 43-101 technical report for the Valeriano Project; updates to the Company's website, fact sheet and corporate presentation; 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.

Neither the TSX Venture Exchange nor its regulation services provider has reviewed or accepts
responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165595