M&A / Property Routine +

ATEX Reduces NSR Royalty on the Valeriano Project

ATEX reduces the Valeriano royalty to 2.3% and monetizes its SCMV stake as Phase VI drilling nears completion.

By The Northwire Desk — AI Analysis Jun 23, 2026 · 07:01 ATX · 2.72 ATEX Resources Inc.

Executive Summary

ATEX Resources announced the reduction of the net smelter return (NSR) royalty on its Valeriano project from 2.5% to 2.3%.
The royalty reduction was executed as partial consideration for the sale of ATEX's 10% equity stake in Sociedad Contractual Minera Valleno (SCMV).
The company received approximately $2.4 million in cash for the SCMV shares, marking a positive return on its original $1.538 million investment made in January 2023.
ATEX retains a right of first refusal (ROFR) on the remaining 0.5% NSR held by third parties.
Management confirmed there is no known royalty burden on the adjacent Nuevo Horizonte land package, which hosts two potential porphyry targets.
This transaction follows the completion of Phase VI drilling (28,400m) and precedes the planned Phase VII program.

Material Impact

The royalty reduction is a positive, incremental step that improves the long-term margin profile of the Valeriano project. A 0.2% reduction in NSR directly lowers the marginal cost per pound of copper and gold, enhancing project economics without requiring additional capital expenditure.
The $2.4 million cash infusion is financially immaterial relative to the company's ~$155.6 million cash balance (as of Q1 2026) and does not alter the capital allocation strategy.
The transaction validates the historical SCMV partnership and simplifies the royalty structure ahead of Phase VII. It is in line with previous expectations for project optimization and does not represent a surprise or a fundamental shift in the company's development trajectory.
Compared to the massive $52.5 million warrant exercise in February 2026 and the TSX uplisting, this is a routine corporate action aimed at balance sheet and royalty optimization.

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Company Overview

ATEX Resources Inc. is an exploration and development company focused on the Valeriano Copper-Gold-Molybdenum project in the Atacama Region of Chile.
Flagship Project: Valeriano hosts a substantial mineral resource base, with an Indicated Resource of 475 Mt at 0.88% CuEq and an Inferred Resource of 1,511 Mt at 0.75% CuEq.
The project features a high-grade B2B breccia zone and a broader porphyry system, with metallurgy showing high recoveries (92-95% Cu, 90-97% Au) and simple processing characteristics.
The company has secured a ~25,000 ha land package, including critical surface and water rights, positioning it for long-term exploration and potential development.
Stage: Advanced exploration, transitioning from Phase VI to Phase VII drilling, with environmental permitting (DIA) underway.

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