Can you provide an update on your activities at the Valeriano project?

RJ: Our Phase II drilling program was a proof of concept that yielded 1,160 m at 0.78% copper equivalent, including 550 m at 1.03% copper equivalent, which was a radical change in 2022, showing the continuity of the high grade in what we refer to as the Central Zone. Phase III has been expanding our knowledge: with drill hole 11B, we hit 1,343 m with 0.73%, a game-changer identifying a new area with a high grade in what we are calling the Western Zone. Phase III is still ongoing, and we are expanding the size of our resource. It is an extensive property that is still open on all sides. One very positive aspect of Phase III is our new contractor, GeoDrill, which has allowed us to reach objective depth and position on all the holes that we have programmed, and we are hoping to get at least 12,000 m by the end of the season.

What makes ATEX Resources an attractive stock for investors?

CN: When you look at some of our competitors, including Filo Mining, they are having similar success, and their market caps are 10 to 20 times the market cap of ATEX. It is the recognition of the size of this asset and the fact that Filo has a market cap of around US$3 billion, roughly 15 times our current market cap. It looks like an equally viable project with a relatively low market cap.

RJ: We have not reached the amount of those because we have so few holes in the porphyry. Our competitors have a tremendously higher number of holes. Our advantage is that we are rapidly going in that direction, allowing us to advance this program much faster. I expect to see another increase in our share price with continued success.

What is your perspective on the current regulatory landscape?

CN: It has improved in some areas and degenerated in others. Some of the permitting decisions made by the government have seemed somewhat arbitrary. We are careful to communicate well with the regulators in Chile. We plan to submit a DIA in the fall of 2023. The local indigenous communities are a significant focus for us, and we seek to develop a plan they are on board with from the beginning.

RJ: Regulations could be clearer. We are going through a regulatory process that must be done smartly. Chile is a mining country and will continue to be, and the government has realized that, but we are still going through the tax process and a new constitutional process. Investors will be more hesitant until these issues are defined and a clear regulatory framework is established.

What factors have positioned ATEX Resources for success?

CN: Reshaping the Board of Directors into an independent governance body was a big step in differentiating ATEX. Our largest shareholder, Pierre Lassonde, has also been a huge cheerleader of the group, with an incredible network of investors. Pierre coming into the project de-risked the capital side.

What is your strategy going forward?

RJ: Our strategy is to understand the size and grade of our project. This will be an underground operation, without a doubt. The mineralization starts too deep to be open-pit, and when you are an underground operation, you need a higher-grade ore body. Given that, we are focused on finding high-grade zones and assuring the forward momentum of the project. It would be helpful to have a strategic partner with the view of taking this forward. In the short term, we will continue drilling and deepening our understanding of the size of the deposit.

CN: We will need to raise more funding. We will probably require between US$50 to US$100 million to get the project towards a pre-feasibility study. Still, this project is a fairly rare beast in terms of its grade tonnage curve, which makes us a likely acquisition target. At ATEX Resources, we focus on ensuring that we take this forward socially and environmentally consciously, aiming to operate under good governance and transparently as we continue to develop the project.