Atex Resources closes $110-million bought deal

Executive Summary

• Atex Resources Inc. has closed an upsized bought deal financing, raising approximately C$110 million in gross proceeds.
• The company issued 42,262,500 units at a price of $2.60 per unit, including the full exercise of the underwriters' over-allotment option.
• Net proceeds will be used for the exploration and development of the Valeriano project and for general working capital.

Key Details

• Transaction Structure: Closed bought deal financing of 42,262,500 units.
• Price: $2.60 per unit.
• Gross Proceeds: Approximately C$110 million (including full exercise of underwriters' option).
• Unit Composition: Each unit consists of one common share and one warrant.
• Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of $4.00 per share.
• Warrant Expiry: On or prior to November 6, 2029, subject to acceleration.
• Use of Proceeds: Exploration and development of the Valeriano project and general working capital.
• Underwriters: BMO Capital Markets (sole bookrunner and co-lead underwriter), Desjardins Capital Markets (co-lead underwriter), and a syndicate including Stifel Nicolaus Canada Inc., Ventum Financial Corp., Cormark Securities Inc., Paradigm Capital Inc., and TD Securities Inc.
• Underwriter Fees: Cash fee of $3,844,425, representing 5.00% of gross proceeds, with a reduced fee of 2.00% for certain purchasers on a president's list.
• Hold Period: Four months and one day from the date of the release.
• Regulatory Status: Subject to final acceptance of the TSX Venture Exchange.
• Insider Participation: Insiders subscribed for a total of 9.5 million units. This is considered a related party transaction. The company is exempt from formal valuation and minority shareholder approval requirements under MI 61-101 as the fair market value of securities issued to insiders did not exceed 25% of the company's market capitalization.
• Valeriano Project Resource Data (Indicated): 475 million tonnes at 0.88% CuEq (0.58% Cu, 0.25 g/t Au, 1.39 g/t Ag, 70.4 g/t Mo) at a cut-off grade of 0.35% Cu.
• Valeriano Project Resource Data (Inferred): 1,511 Mt at 0.75% CuEq (0.50% Cu, 0.20 g/t Au, 1.16 g/t Ag, 70.6 g/t Mo) at a cut-off grade of 0.35% Cu.
• Resource Date: Reported on September 23, 2025.