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The 3,795-ha Valeriano Project is located approximately 125 km to the southeast of the City of Vallenar, Atacama Region, Chile and 27 km northeast of Barrick’s Veladero Mine. Road-accessible Valeriano is adjacent to the El Encierro Antofagasta (51%) - Barrick (49%) joint venture. The project is within an emerging copper-gold porphyry belt - the Link Belt - between the Maricunga and El Indio belts. Elevations vary from 3,800 to 4,400 metres above sea level.

The Valeriano Project hosts a large copper gold porphyry deposit, overlain by a near surface oxidized epithermal gold deposit that extends from surface to a depth of 100 metres.

In 2020, ATEX reported initial mineral resources for both the oxide gold deposit and copper gold porphyry. In 2022, ATEX completed the company's first test of the porphyry system. The two holes completed established a very large porphyry system and outlined a +1% CuEq core at Valeriano.

Phase III drilling, starting in October, will use directional drilling to extend the high-grade trend, test new targets and expand the mineralized envelope.

Based on an option agreement from August 2019, and amended in January 2020, ATEX can earn a 100% interest in Valeriano by September 1, 2025. For details of the payments and work commitments, please see the company's corporate presentation.

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