ATEX unveils upsized $96 million bought deal financing

ATEX Resources Inc. [ATX-TSXV, ATXRF-OTCQB] has announced details of an upsized $96 million bought deal private placement and said proceeds will be used for exploration and development of the company’s Valeriano copper-gold project in Chile. The amount being raised is up from an earlier $85 million target.

Valeriano is within striking distance of ranking among the top 10 undeveloped copper projects globally, ATEX has said.

The company said an underwriting syndicate has agreed to purchase, on a bought deal basis, 36.7 million units priced at $2.60 per unit. Each unit will consist of one common share and one common share purchase warrant, each of which can be exercised to acquire one common share for $4.00 per warrant share for four years from the closing date.

Beginning 12 months from the date of closing, ATEX will have the right to accelerate the maturity date of the warrant if the volume weighted average price is above $5.00 for 20 consecutive trading days.

Also, the underwriters will have the option to offer for sale up to an additional number of units, common shares, warrants, or any combination of the three that would be equal to up to 15% of the total number of securities issued to cover over-allotments. That option is exercisable in whole or in part at any time up to 48 hours prior to closing of the offering.

On Thursday, ATEX shares eased 0.388% or $0.01 to $2.57. The shares trade in a 52-week range of $3.10 and $1.40.

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. Valeriano host a large high grade copper gold porphyry resource, consisting of an indicated resource of 475 million tonnes at 0.88% copper equivalent (CuEq) (0.58% copper, 0.25 g/t gold, 1.39 g/t silver and 70.4 g/t molybdenum.  On top of that is an inferred resource of 1.5 billion tonnes of of 0.75% CuEq (0.50% copper, 0.20 g/t gold, 1.16 g/t silver and 70.6 g/t molybdenum) at a cut-off grade of 0.35% copper, reported in September, 2025.

ATEX was in the news last year when Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) made a strategic investment in ATEX via a $40 million non-brokered private placement, leaving Agnico with approximately 13% of ATEX’s issued and outstanding shares. In a press release on October 21, 2025, Atex announced initial drill results from hole ATXD25C, the first hole from its  Phase VI drill campaign at the Valeriano project. ATXD25C is an infill hole testing the B2B zone and intersected 164 metres of 2.72% copper equivalent. A primary objective of Phase V1 is to further define the high-grade B2B Zone. Ongoing success in this zone has the potential to significantly expand the volume of high-grade mineralization at Valeriano, thereby improving the project’s overall grade profile and reinforcing the strategic significance of the B2B zone within the larger porphyry system.